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| Rhetoric? No. |
Itsdb |
05/09/06 |
Yesterday I posted the following:
>>the economy is booming, unemployment is extremely low, the stock market is soaring, millions of jobs have been added and we've had no more terrorist attacks here.<<
If you'll notice in the comments my assertions were challenged, and I love a good challenge. So, on to the challenge...
>>The economy is booming...<<
The combination of strong growth and low inflation has been as good as anything seen since the 1960s, with the sole exception of the explosive growth of the late 1990s. The economy is on track to grow by about 3.5 per cent for the second consecutive year - close to the level economists view as the speed limit before inflation starts to rise. The core inflation rate has remained remarkably subdued despite the upward pressures ex-pected from surging oil prices. Wage growth may have struggled to keep pace with inflation, but soaring house prices have more than made up for this shortfall for the two-thirds of the population that own their own homes.
>>unemployment is extremely low<<
U.S. employers added an unexpectedly strong 211,000 jobs in March and the jobless rate slipped to a 4-1/2-year low, according to a government report on Friday that underlined a relatively vigorous labor market.
(It remained at 4.7% for April)
>>(those dot com guys are all working at fast food places now - yeah, they're working)<<
I'll leave that one for someone else to explain.
>>the stock market is soaring????<<
Dow Inches Closer to All-Time High
NEW YORK, May 8 -- Stocks finished a quiet session little changed Monday as investors' anticipation of the Federal Reserve's decision on interest rates muted their reaction to lower oil prices and a trio of acquisitions.
The Dow Jones industrial average rose 6.80, or 0.1 percent, to 11,584.54, its highest close in more than six years. The Dow is 138 points from its all-time high close of 11,722.98, reached Jan. 14, 2000.
The Standard & Poor's 500-stock index fell 1.10, or 0.1 percent, to 1324.66, and the Nasdaq composite index gained 2.42, or 0.1 percent, to 2344.99.
With no new reports to offer clues about the economy, investors traded cautiously ahead of the Fed's latest move on interest rates when policymakers meet Wednesday.
Investors have been impressed by the economy's strength despite surging energy costs and the Fed's mission to stifle inflation by gradually raising short-term interest rates. Enthusiasm over solid corporate earnings growth -- companies in the S&P 500 have averaged double-digit gains for 15 consecutive quarters -- have carried stocks higher so far this year.
>>Where do you live???<<
Amarillo, Texas.
"Nothing but sunshine and blue sky."
That's the bright picture Keller Williams Realtor David Grimes paints of Amarillo's current and future housing market...The developers are developing them as fast as they can," he said. "There's just not enough lots right now. and that's a good problem to have."
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"Building permits over the past 15 years have generally shown a steady increase with 2004 and 2005 being banner years. Building permits issued in 2004 totaled $358 million in construction value and, in 2005, totaled $454.8 million in construction value."
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Amarillo's boom isn't over yet.
Experts predict a rosy future as large commercial projects continue to boost the area's economy.
"When you look at Bell Helicopter, the new Ben E. Keith Distribution Center and medical center construction, those are the anchors for everything else," said Cary Finney, city of Amarillo Building Official. "Those are the projects that will mean more jobs."
And more jobs will help the service industry, including retail, hotels, restaurants and other businesses.
"Right now, we're seeing a healthy growth," Finney said.
In 2005, the city of Amarillo granted $259 million worth of permits for commercial construction, renovation and roofing. City-issued commercial building permits for new construction last year is more than double the figure for 2004.
"I think the development will continue," said commercial investor J. Gaut of J. Gaut & Associates. "We have a lot going for us in Amarillo - favorable climate, good cost of living, and plenty of available land."
>>Oh and the terrorists are all in the MidEast killing our soldiers and civilians from various countries.<<
Like I said, we've had no more terrorist attacks here. Is that to be disputed? And apparently ol' bin Laden is going to direct his fight toward international peacekeepers in Sudan. Kind of speaks to the cowardly, evil nature of a terrorist to target innocent civilians and peacekeepers in a country as ravaged as Sudan wouldn't you say? |
Clarification/Follow-up by ETWolverine on 05/09/06 6:00 pm:
Let's see:
Hourly wages have increased to an average of $16.83. Average household incomes are up as well. Inflation is currently 3.4% per annum (as of March 2006). Construction spending is up, both in the private and public markets. The rate of home ownership is over 68%, closer to 69%. GNP is up. Tax collections are up (up 15% in 2005, and expected to be up another 6% in 2006), despite the tax cuts. Unemployment is at 4.7%. Productivity is up. Retail sales is up. In fact, every single key economic indicator is positive, despite the fact that we were in a recession just 3 years ago.
Meanwhile, the NY Stock Exchange just reached a new record high closing last Tuesday (May 2, 2006) at $8,632.94. Meanwhile the Dow Jones Industrial Average is currently at $11,615.04 as of this writing, less than 1% off the all-time high close of $11,722.98 on January 14, 2000.
It just doesn't make sense to argue that the economy is bad, when the facts are exactly the opposite.
Elliot
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