Bush's Economic Miracle

Bizzyblog reports on systematic misreporting of economic news in the MSM. Specifically, he points out attempts to obscure the fact that federal tax revenues have risen much faster than
predicted and that the budget deficit has declined significantly as a result. Some economists are predicting that the budget will be in balance by Spring of 2008. [here]

The problem is that when major media outlets like the NYT and the AP blatantly misreport information so as to make President Bush look bad and to obscure good news this misinformation is picked up and rebroadcast throughout the nation with the result that the public gets a miserably incorrect view of the economy and of the effectiveness of the administration's policies. Bush's record on economic matters, as I have pointed out time and again, is as good as that of any president in the nation's history, yet he is seldom given credit for it.

Hat tip, Instapundit.

IBD ticks off Bush's accomplishments. He inherited an economy spiraling into depression and, for the first time in the nation's history, an administration had the foresight and administrative acumen to take appropriate and timely action, cutting taxes on the investing class. The result:

Since the last round of cuts in 2003, we've had the quietest, and most significant, boom in wealth, income and profits in our history. This explains why the economy, to the surpise of economists and the chagrin of liberal pundits, keeps humming. We've gone over the numbers before, but they bear repeating. Since 2002:

• Real gross domestic product has soared $1.64 trillion, or 16.5%, during a five-year stretch that has yet to see a downturn and that has witnessed average annual growth of 3%.

• Disposable personal income — what's left after taxes — has jumped $2.16 trillion, or 29%, to $9.68 trillion.

• Productivity, the fuel for future standards of living, has improved 14.3%.

• Overall employee compensation has expanded 4% a year.

• Net wealth, the amount people would have after paying off their debts, has swelled $15.2 trillion, or 38%, to $55.6 trillion. That gain in just five years is more than the total wealth amassed in the first 210 years of America's existence — an unprecedented surge.

• About 69% of Americans now own their homes, an all-time high.

• The jobless rate, now at 4.4%, remains below its 40-year average. Since August 2003, 7.8 million new jobs have been created.

• Tax receipts have surged 43%, or $757.6 billion, again thanks to economic growth.

Read the whole thing here.

But will Dubya get credit? Don't hold your breath.

George W. Bush's economic miracle is both real and sustainable. Too bad he won't get credit for it until the current generation of biased journalists and academics has retired.

More here.

More here.

And, let us not forget for six years and counting President Bush has kept this country safe from those who are attempting to destroy us.