Kerry Misfires In Economic Blame Game

[AmyStrange]

Kerry Misfires In Economic Blame Game
By Steven Pearlstein
Wednesday, June 16, 2004; Page E01

FROM: http://www.washingtonpost.com/wp-dyn/articles/A44946-2004Jun15.html
The critical issue of the presidential campaign is not jobs, or the deficit, or even the war in Iraq. The issue is credibility: which candidate can lead the country by telling the truth about where we are and where we need to go. And in that context, the efforts of John Kerry's team to portray the economy as being in terrible shape, and President Bush as being the Herbert Hoover of his era, are badly misguided.

First, it's simply not true.

The president inherited an economy that was already in a recession that, in the experience of most households, businesses and governments, lasted until the early months of 2003. This recession came after an unusually long expansion characterized, at its end, by a giant investment bubble that burst. It was only natural that such a downturn would require a longer-than-usual period of painful adjustment.

Instead of acknowledging those realities, the constant refrain from the Kerry camp has been that Bush has "presided over" the loss of 1.9 million jobs, creating the "weakest recovery" since the Great Depression. Most of this is simply economic nonsense.

<SNIP>

[Cush]

1. um, didn't the recession start after Bush took office?

[markdd]

3. By official standards yes...

But the bushies are trying to pretend that the start date was March 2000. The group that catalogs this info (can't recall name) was claiming the recession started March 2001 and ended (get this) Nov 2001.

[leftyandproud]

4. dot com burst was March 2000...nasdaq down 59% from its highs..

by 2001.

the OFFICIAL recession didn't hit until march 01 though...I think it would have happened regardless of who was in office..considering bush didnt get any legislation or budget passed for several months afterwards.

[iconoclastic cat]

2. Some very good advice here:

(snip)
This is, after all, a president who has made no progress in ensuring the long-term solvency of Medicare or Social Security. He has no credible plan to rein in health care costs or the budget deficit, both of which threaten long-term economic growth. His tax cuts contribute to the widening gap between rich and poor. In trade policy, Bush has allowed China to become the next Japan while sacrificing the interests of manufacturing and service workers to protect farm subsidies.

Most of all, the Bush economic program is based on the big lie that endless tax cuts are necessary to sustain economic growth. But the way to beat the big lie is with the "true facts," as my late colleague Peter Milius used to call them -- not another big lie about how bad the economy is.
(snip)

[On the Road]

5. I Think the Definition of a Recession

is two consecutive quarters of negative growth. The result of this is that by the time a recession can officially be declared, you have to go back six months (plus the reporting delay) to find the start of the recession. By this definition, the recession started in 2000, although it wasn't declared until Bush was in office.

[papau]

6. 2 definitions-WSJ uses 2 qtr's, Gov uses Committee that looks at daily #'s

The committe approach that tries to pick the exact date said it was in March - but it may have been Feb - at which point the GOP tried to get them to say the recession started in Dec - but they have not said that.

So Recession started by standard Gov economic data analysis method in March 01 and ended in 11 01

This guy is mistaken - and then claims Kerry lacks credibility because Kerry speaks the truth.

Why do folks believe columist Steven Pearlstein?

First he covers his tracks by saying the economy was in recession and "in the experience of most households, businesses and governments, lasted until the early months of 2003"

He has no basis for either statement - and on this he says Kerry is not credible.

The only income gain under Bush - if it exists at all - he is forced to admit has been caused by the pretend income that comes from the employer paying part of the higher and rising cost of health care! This is something that makes us feel good???

And again he does the old average game where "WE ARE DOING WELL" because the RICH ARE DOING SO WELL that when averaged with the rest of us, the actual overall average goes up a bit!

Then he claims falling prices for food, clothing, airfare or phone service, or lower monthly payments for homes and cars - has anybody seen those falling prices?

He pretends to be on the workers side by complaining about Bush making no progress in ensuring the long-term solvency of Medicare or Social Security - Is the solvency progress he wants just ending the programs?

:-)

The only thing he gets correct is that "Bush economic program is based on the big lie that endless tax cuts are necessary to sustain economic growth"

He is not a right wing hack - but he is wrong about Kerry being wrong.

[robbedvoter]

9. Nice try. It was declared in Nov 2001 as having bagun in March 2001

BFEE has been trying to play with the year # eversince.

[Lefty Pragmatist]

7. Crediting or blaming the prez for the economic cycle is always wrong

but it's part of the game. Bush is now taking credit for the growth rate, increased home sales, and the modest increase in consumer confidence, none of which are reasonably credited to him. So Kerry may as well blast him for the bust -- last time I checked, 51% of the electorate didn't have PhDs in economics.

[Demobrat]

8. For most people the pain started when Bush took office.

That's all they know, and all they need to know.