Wednesday, February 08, 2006

Don't believe the pessimists

When you hear a Democratic pol or pundit talking about how terrible the Bush economy is or read about the "jobless recovery" or the "tax cuts for the rich" or "deficits for as far as the eye can see" try to remember a couple of economic facts.

Unemployment is 4.7%. Significantly less than it was in the roaring 90's. Home ownership is up. Home values are up. Inflation is negligible. Productivity is up.

And then look at Zimbabwe. Inflation in Zimbabwe is estimated at around 1000%.

They have now introduced a "bearer cheque" worth about 50,000 zimbabwe dollars or equivalent to about a half dollar US, and enough to buy a loaf of bread. What's worse? A loaf of bread will cost 100,000 Zim in a few weeks...


Anonymous JW said...

There's no way US inflation is neglible. Tell that to anyone paying a 100% higher heat bill this winter.
Let's see if those rosy numbers last into the summer. I'm betting no..
Yes, I am glad I live in the US and not Zimbabwe. But I always have been...

11:03 AM  
Blogger Dan said...

Yeah, we're booming, even though family income is down.

That is, we're booming in comparison to Zimbabwe.

5:37 PM  

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