Monday, January 15, 2007

The Wrong Experts

I remember after the 1992 elections how the economic forecasts and dire predictions of the Democrats changed within days. From the "Worst Economy Since The Depression" to much more favorable news. I was astounded that these so called experts could think we were so stupid not to realize how they had tried to manipulate us. But then again, they did manipulate the election successfully. Clinton's economic policies wouldn't even begin to have nay effect until his first budget took effect in October of 1993, but as soon as January the hysterical MSM was granting him prowess in shaping America's economic fortunes for the better.

And they are at it again. When will the American people learn not to trust these liars?

Economists are hastily upgrading their forecasts for the US economy after a series of surprisingly strong reports suggesting the so-called "soft landing" may be over and growth is accelerating. Over the past week, surprises have come in stronger-than-expected reports on US job creation, the trade balance and retail sales -- all key contributors to economic activity.

And they are always "surprised." But only during a Republican administration.

"With the last of the major data in, we are now revising fourth quarter GDP to an above-trend 3.3 percent. A wide range of indicators have been stronger than xpected. Most important have been the strong consumption data and the surprising improvement in the trade balance."

The latest data defy predictions that the slump in real estate would filter into other areas of the economy, notably consumer spending. The latest data showed US employers added a healthy 167,000 new jobs in December, with unemployment holding at a low 4.5 percent.

Average wages were up 4.2 percent annually.

A separate report Friday showed US retail sales increased 0.9 percent in December.

Oops. Wrong again. Like Paul Krugman in his NY Times commentary just six weeks ago.

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