Could someone who knows more about economics than I please explain how these various indicators are not showing a poor economic plan, or at least tell me how the Republicans are explaining this as a good thing?
Second-quarter growth fell to 3 percent compared with 4.5 percent in the first quarter and about 8 percent in the third quarter of 2003. Personal income growth fell to 0.2 percent; personal consumption expenditures also fell, by 0.7 percent. Housing starts were off 8.2 percent. New-home sales fell 0.8 percent. Industrial production fell 0.3 percent. The July jobs report shows just 32,000 new jobs and a cut of 34,000 in the estimates previously released for June (for a net loss of 2000 jobs in July, when tacked onto the June numbers as originally reported). The Dow Industrials fell 8% in 6 months, and the Nasdaq is down 15% in the same six months.
I know the economy is more than just these indicators, but these sure seem to add up to a bad thing in my perception, and I’m sure in most non-economist minds as well.
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