Tuesday, December 30, 2003

The Economy

Paul Krugman's latest article is pretty telling, in the face of a thousand chattering Republicans chanting that the economy is in recovery (or, depending on how much egg nog they consumed, the economy is the strongest it's ever been)

"It was a merry Christmas for Sharper Image and Neiman Marcus, which reported big sales increases over last year's holiday season. It was considerably less cheery at Wal-Mart and other low-priced chains. We don't know the final sales figures yet, but it's clear that high-end stores did very well, while stores catering to middle- and low-income families achieved only modest gains.

Based on these reports, you may be tempted to speculate that the economic recovery is an exclusive party, and most people weren't invited. You'd be right.
"

Obviously I hope (and I presume Mr. Krugman shares this hope) that the economic growth some quarters have been experiencing continues and spreads to all parts of the economy; but I have to assess that President Bush's policies make long term recovery unlikely.

No comments: