The Economy Takes a Ribbing and Other Bush* Reruns (Milbank)

[kskiska]

Political veterans got a sense of déjà vu as President Bush walked into the Nuthin' Fancy Cafe in Roswell, N.M., last week and told reporters that it was their duty to grow the economy -- by buying a plate of ribs.

"When you spend money to buy food, it helps this lady's business," the president announced. "It makes it more likely somebody is going to find work."

The moment was similar to one staged by the president's father in November 1991 -- when he, too, faced reelection during a time of stubborn unemployment. Then-President George H.W. Bush walked into a J.C. Penney in Frederick, Md., and bought four pairs of "USA" athletic socks for $15.

Back then, Pat Buchanan, who challenged Bush the elder for the Republican nomination, mocked him for an economic plan consisting of "going up to J.C. Penney and buying four pair of socks."

more…
http://www.washingtonpost.com/wp-dyn/articles/A50515-2004Jan26.html

[mhr]

1. Yes, And The Washington Post Justifies The Jobless Recovery

Here is today's WP editorial and my letter to the editor.

http://www.washingtonpost.com/wp-dyn/articles/A50822-2004Jan26.html?nav=hptoc_eo

The Jobless Recovery
Washington Post Editorial
Tuesday, January 27, 2004; Page A16

AS THEY AWAIT the results of the New Hampshire primary, Democrats should take a lesson from the nation's central bankers. Out on the campaign trail, the candidates (with the honorable exception of Sen. Joseph I. Lieberman of Connecticut) have been blaming the "jobless recovery" on President Bush, the trade system and the new phenomenon of "offshoring" service jobs to India. In rather less arresting tones, meanwhile, the Federal Reserve has been trying to explain why this blame is exaggerated. As Chairman Alan Greenspan said yesterday, the United States has lost jobs to foreigners before, yet it has always created others. The Fed committee that sets interest rates meets today and tomorrow, and will demonstrate one of the reasons why the new protectionism is misguided.

Snip ......

It's true that the shift of service jobs to countries such as India, like other trade-related dislocation, adds to the temporary pain of structural unemployment. But, as Mr. Greenspan says, new jobs will be created. If a U.S. firm shifts employment abroad, the savings flow back to the United States in the form of lower prices for consumers and higher dividends for shareholders; the consumers and shareholders will direct their new spending power at things that create employment. Meanwhile, the fall in prices will allow the Federal Reserve to keep interest rates lower, boosting the job-creation engine. At its meeting today and tomorrow, the Fed is almost certain to keep short-term interest rates at a rock-bottom 1 percent because forces such as "offshoring" are keeping inflation in check despite a rebounding economy. Offshoring, like trade, creates winners and losers, which is why open trade should be accompanied by social safety nets. But the winners will outnumber the losers, because the adjustment creates new efficiencies. Each worker can produce more, meaning that he or she can be paid more. Do the Democrats really mean to oppose that?

Snip ......

WP Editors,

The WP editorial from the Tuesday, January 27, 2004 edition titled The jobless Recovery is one of the most insensitive and callous missives printed.

To suggest that a jobless recovery is good mystifies me. To further suggest that the Bush Administration is not culpable is mind boggling.

I have been unemployed for 43 months. I have sent 1,430 resumes out the door. My resume is posted on 105 job boards. I have over networked all known acquaintances. Regrettably, I have not had a serious employment inquiry in two years. Past colleagues are having similar experiences.

Some would claim that one must not have enough education or experience. I must assume that a Masters in Business Administration and a Bachelors in Electrical Engineering are irrelevant today. An experienced Naval Officer just does not rate any consideration. Honorably discharged veterans are of no consequence. And, experienced commercial pilots are too trivial to mention.

Sadly, the Washington Post editors are truly out of touch with the economy. If a dose of reality is needed, come spend a week with me. After experiencing the umpteenth pot of beans, the Spartan accommodations, the threadbare clothes, the ever diminishing savings account, and repeated job rejections, one just might come to the conclusion that a jobless recovery is not good or justifiable.

Sincerely,
MHR

[Yavin4]

2. I Knew That Everyone Would Quote Greenspan

when he said that new jobs would be created. Just because Greenspan says it, it doesn't mean that it will come true. People act like Greenspan's words are gospel.

[CatWoman]

4. you should have heard Lou Dobbs pimp slap Greenspan last night

http://www.cnn.com/TRANSCRIPTS/0401/26/ldt.00.html

[ramapo]

3. Heard same from another source

I was listening this AM to a local radio station's investment show run by some guts from UBS/PW.

Their message today about the jobs picture was much the same..."Gee we hate to see people lose their jobs, we'd like to see the jobs stay in the US but this is a cyclical phenomena. There'll be new jobs to replace those being lost. That's the beauty of our system. Plus the move to globalization is a great opportunity for American businesses to seek offshore customers".

I almost crashed the car...

[moondust]

6. The WP made this junk an editorial?

Gasp! I'd have guessed it was written by a 10th grader with no experience at all in economics or even holding a job. Somebody like George Bush.

[Voltaire99]

5. Eat ribs at the Nuthin' Fancy Cafe: give a computer scientist a job!

"See? These ribs are stimulus. And stimulus, that's good for jobs. Jobs are good for Amurricans. That's jes' basic economicajigamasomethun'."