The economy showed "remarkable signs of resilience Friday as job losses slowed, the dollar gained a bit of muscle for a change and there were even indications that food prices may be easing." The unemployment rate actually decreased by 1/10th of 1%, although the actual number of jobs decreased.
While the economy is obviously taking a rest, those who traffic in gloom and doom will have to temper the hand-wringing a bit.
That's bad news for the Hill and Barack crowd, who are heavily engaged in the rhetoric that we are all going to hell in a handbasket, NOW.
We heard the same tripe in 1992, when, despite evidence that the economy had started to rebound in late summer, the disaster drum continued to be beaten, all to the benefit of a certain New Democrat from Arkansas.
This year, let's all keep in mind that (a) the economy has ups and downs, (b) we are probably in a down, (c) in life, it's almost never as great or terrible as we think, and (d) the news media is slow to pick up on change, as the inertia pushes last month's story about 6 months past its prime.
My question: is is REALLY that bad?
The phony-baloney 'subprime mortgage mess' is a total red herring; 99% of Americans are indifferent.
Gas prices? Yes, they've gone up, along with the price of eggs, groceries and everything else that is transported by truck. Call me insensitive and elitist, but I'm hard-pressed to believe that an additional $20 a week for gas is going to ruin anyone's life.
The stock market? Sure, your 401(k) has taken a beating. But, unless you are retiring tomorrow, it's just numbers on a piece of paper.
The truth? Things are about like they've been for a long time. To hell with any politician who tells you any different.
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