Greg Mankiw: "The economic future of the United States is bright."

[Bush_Eats_Beef]

http://www.whitehouse.gov/ask/20041008.html

R.D., from McClenagan writes:
Dr. Mankiw, Your thoughts on today's job figures? Is the economy truly expanding and growing as the President claims it is? The job numbers still seem a bit weak, why? Thanks a lot.



Greg Mankiw:
Hi R.D. - Today's jobs figures confirm that the economy is continuing to grow and add jobs. The economy turned the corner during the summer of 2003, when the President’s Jobs and Growth bill went into effect. Since August 2003, the economy has created more than 1.9 million jobs (including the benchmark revision announced by the BLS today). The unemployment rate has fallen from its peak of 6.3 percent to 5.4 percent. The current unemployment rate is well below the average of each of the past three decades. Yes, the economy is certainly expanding and growing. Over the past year, GDP has grown at a 4.8 percent annual rate, one of the fastest rates in nearly twenty years. Private forecasters see continued solid growth in the remainder of 2004 and in 2005. The President has said many times that he will not be satisfied until every American who wants a job can find a job. We have the policies in place to create an environment in which business can expand and create good jobs. That is why we have seen consistent job gains over the past 13 months and why the consensus of private economic forecasters sees continued economic growth ahead.

Steve, from Fort Lauderdale writes:
What do you think the future of the U.S. economy is?



Greg Mankiw:
The economic future of the United States is bright. Productivity growth over the past few years has been very strong, and productivity growth is the ultimate determinant of higher real wages and rising living standards. Although we always face challenges, the fundamentals of long-run economic growth are very much in place. Our economic system rewards hard work and entrepreneurship. It harnesses the creativity of the American people. That creativity will ultimately ensure a continued and expanding prosperity.

[hatrack]

1. Manufacturing jobs await at your nearest Wendy's or Burger King!!

So get on down there and sign up today - don't be a girlie-man!! Participate in the exciting new service, uh, I mean manufacturing economy!!

[GOPBasher]

2. Ummmmm debt? We have a sea of red ink that could bankrupt us.

Why won't he mention that??? :shrug:

[legally blonde]

3. WOW

I want whatever shit he's been smokin'!
"continued and expanding prosperity" my ass.

[Supersedeas]

4. harnesses creativity? (and flagged draped photography) optimism for hire