Think Progress

Bush Spoke Too Soon on Economy

By Payson Schwin on Jan 27th, 2006 at 12:37 pm

Bush Spoke Too Soon on Economy

President Bush, 1/6/06:

The American economy heads into 2006 with a full head of steam.

Bloomberg News, today:

The U.S. economy limped into 2006, growing at slower-than-expected 1.1 percent pace in the fourth quarter as consumers spent at the slowest pace since 2001 and corporations limited equipment purchases.



87 Responses to “Bush Spoke Too Soon on Economy”

  1. ElectricBassPlayer says:

    Bush makes up his own reality.

    FOX News reports it, and conservative websites repeat it, expand on it, and justify it.

    Welcome to the beginnings of a totalitarian state.


  2. ElectricBassPlayer says:

    PS: Oh yeah, and paid operatives are directed to come to these sites and try to undermine them.


  3. bzl says:

    Of course he did. George makes it up as he goes along.


  4. RuppertDogLackey says:

    In fairness, I believe Bush was referring specifically to Haliburton and Chevron.

    That is to say, the “economy” that matters to HIM.


  5. Granite State Destroyer says:

    Oh yeah, from the school of: “When the Republicans say it, they are joking and irreverent, when the Democrats say it, they are mean spirited, evil and full of hate.”

    Ann Douche-Coulter is at it again, this time calling for the poisoning of Supreme Court Justices, be she is just “joking”.

    http://news.yahoo.com/s/ap/20060127/ap_on_re_us/brf_coulter_stevens

    Mr. Stalin, Ms. Coulter, table for two?

    -GSD


  6. Colorado Jyms says:

    There is nothing as funny as joking you are going to poison someone. Man that Ann Coulter. Boo-ha!


  7. Jay Randal says:

    The Bush economy is in the toilet! Did you hear about 200,000 people showing up at a WalMart to apply for 350 jobs! WalMart pays badly and treats their employees like slaves, so this shows how desperate people are for work now!


  8. Chuck Despres says:

    The Economy:

    WHOSE ECONOMY?

    If you go to the WORLD ECONOMIC FORUM in DAVOS, things look pretty ROSY.

    LESS ROSY at the WORLD SOCIAL FORUMS now being held in VENEZUELA and MALI and hardly covered by EMM (”embedded mainstream media”).

    Caveat: Be wary of “leading economic indicators.”


  9. Sharon Cox says:

    Of course, those of us that live in the real world already knew how the econemy was going, down the crapper comes to mind. The job increase he speals is also crap. Bull Sh** Bush is just that, even tho he is off the pig farm……Blessings


  10. Krazny says:

    Saw an article on Yahoo I think about how the gap between ceo pay and average worker pay is getting bigger and bigger. I think if you in the top 2% of earners, the economy is going great.

    What this really shows is the “happy face” attitude the Bush admin puts on everything. Just deny long enough and then it will all be peachy keen.


  11. Southwest Bob says:

    Bush is speaking to his very wealthy supporters. For them, these are the best of times, for the rest of us, it’s the worst of times. His view of America doesn’t go beyond the very wealthy…after all, they haven’t worked hard, like he did, to deserve to have lots of money. Bushco and the repubs pander to the very wealthy and have pimped away the most critical American values of honesty and fairness.


  12. Jesus Christ God of WAR says:

    We have a culture of lying.

    We do nothing when we are lied to. We accept that a lie is a lie. Then we turn around believe a lie it will have no impact on us.

    There is no self monitoring mechanism to hold lying in check. There used to be. Back with America was great. But no longer.

    We The People need to make lies and cheating and greed no longer acceptable.

    Don’t accept Bush lies. It matters greatly that he lies. It matters greatly because BushCo lies hurt us all.


  13. Granite State Destroyer says:

    George W. Bush,

    Stop lying in my name.

    Sincerely,

    Jesus H. Christ


  14. thot's says:

    as all dicators say its a wondeful life our country.great health care,noone going hungry,no homeless, women are having lots of boy babies to feed the army of bush errr mao

    can’t tell the difference any more

    trash talk is the same under all dicators.


  15. Max-1 says:

    #1 Comment by ElectricBassPlayer January 27, 2006

    Bush IS his own reality. Problem is, we’re all stuck in this nightmare with him.


  16. dlet says:

    Unfortunately for Bush and the rest of us, just saying something “is” doesn’t make it true no mater how many times you say it. This ain’t the Matrix and he certainly ain’t no Neo. wow that’s weird “Neo-con”…someone who thinks he controls the world by believing he can do it with just thoughts and grand plans.


  17. Southwest Bob says:

    What would the numbers look like if bush wasn’t spending $millions on defense? Surely, those dollars must “help” the economy!!


  18. Zappatero says:

    Bush knew the report was coming out — he wanted his spin on it.

    When car dealers are offering up to $10,000 dollars off list, the economy is in the shitter. Only a moron would say otherwise.


  19. SKdeA says:

    Those millions for defense are mostly going into the pockets of Halliburton. i don’t see any economic miracles coming from that area anytime soon!
    And the economy has sucked our here in the SF Bay Area for quite a while now, ever since Bush came to office. Anyone who thinks things are going well must be living in a gated community. With their fingers in their ears, ” lalalalalalal I CAN’T HEAR YOU lalalal”….


  20. Gus, Cross Country OBGYN Lover says:

    My company, after many years of mismanagement and friendly wages and lack of oversight, has been forced to reeavaluate it’s financial policies. They were forced to do this because of gas prices. We run about 200 vehicles and equipment everyday..
    Our company of 1300 employees is about to eliminate 400 jobs. This is the trend with construction businesses who rely on gasoline. Blue collar people out of jobs. Deep in the heart of Texas and the deep south.


  21. Bin Laden says:

    I say to the people of the west to boycott American goods-here in Afghanistan in my cave i drink euro cola only and buy food stuffs from the local market and avoid ASDA at all costs.


  22. Max-1 says:

    #16 Comment by dlet

    I know this, you know this, and about 60% of America knows this.

    But like I said, Bush IS hi own reality:
    ~ He already has said, admittedly, that he doesn’t need the FISA courts to grant authority to wire tap. Thus their importance has been dissmissed.
    ~ Yesterday, he all but said that he won’t do buisness with PARLEMENT er… Congress in crafting the necessary revisions to the FISA laws so that the laws ARE inclusive of 21st century technology. Thus, Parlement er… oops, i did it again, didn’t I? Well any way, he let them go from the process of crafting law. Thus relieving them of one of their official duties.

    On a side note ~
    Does anyone care to guess Bush’s allocation in his budget proposals for a crown and septor? I mean, afterall, I have heard news reporters describe Bush, not as The Commander and Chief but as the Protector and Chief. Last I checked, the protecting part of the President of the United States of America is in and of the Constitution and The Bill of Rights. Not of the people. That is what a KING does.


  23. Gus, Cross Country OBGYN Lover says:

    Can you imagine how bad the economy would be if we had a cold winter? Americans were willing to shop at Christmas time despite the depressing political atmosphere coupled with the war. But that’s over. It’s back to reality. The oil and gas industry is eliminating American jobs amidst their tax breaks and windfall profits and wars for oil.


  24. paul says:

    The emperor has spoken. How dare you question his rose colored, self-serving view of things regardless of the facts. “Mission accomplished!”


  25. G. Gordon Giddy says:

    No way man! This is the best economy since Warren Harding. More tax cut for the rich! No spending whatsoever! We’ll starve to death!


  26. RightPunch says:

    Today’s polls show that 58% of americans consider Bush a failure as president. I’m sure the partisan brain will find a way to emotionally respond and ignore this astonishing figure – but it does not bode well for republicans in the fall elections.

    Now Ben, you were beating up on me about a robust economy and not taking economics classes yesterday, still want to spar there my little partisan buddy? As I understand it virtually all economic growth in the past few years has been driven by new home growth and the housing market because of the artificially low interest rates. I was reading that parts of the country are beginning to experience epidemic volumes of home foreclosures. When this housing bubble busts, how big do you think the deficits will balloon too then? Come on partisan boy, give me some reasoning center, and not just an emotional partisan retort. I know you have it in you? And if you can’t muster it today, I forgive you. I know it can be hard to overcome a partisan bias for those weak of mind and spirit. It’s ok.


  27. Ron says:

    The emperor’s brain is pickled.

    Go Bush Go Republicans Go Economy

    Another day, another dollar a day


  28. Mark says:

    Regarding the Coulter thing, people have been arrested for saying things like that about the president, perhaps it is time for Coulter to be arrested and tried for her assassination plot.


  29. RightPunch says:

    For those that also missed the details of this growth, inflation was at 2.6%, which as I understand it means real GDP growth adjusted for inflation was actually a shrinking of 1.5%. That doesn’t sound like a very good number to me.

    I’d love to hear anyone else’s perspective on this as well.


  30. Preznit_Douchebag says:

    I’ll bet the tens of thousands of former GM, Ford and DaimlerChrysler employees are thinking the economy is just ducky.


  31. Clif says:

    Or the best economy since October 15 1929


  32. off topic says:

  33. Clif says:

    #27 I guess that’s why they call Ms. Bush .. pickles


  34. Colorado Jyms says:

    Sure we have a crappy economy. But at LEAST everything is going well in Palestine:


  35. dlet says:

    Oh come on..the economy is doin’ great, Bush’s foreign policy is running like a Cadillac, protecting the environment…check, uniting instead of dividing…done, decreasing the deficit…still smaller than infinity, spying on people we choose to label as terrorists…everywhere even here, deciding what a woman must do…coming soon….man, this is good Kool-aid….mmmm…purpley.


  36. unbelievable says:

    On Tuesday, I bet we’ll hear another lie when Bush proclaims (like Roberston from the pulpit):

    “The State of the Union is __________ !”

    Guesses anyone?


  37. Colorado Jyms says:

    Protected from Terrorists? Because of… illegal wire taps?


  38. Democrat Soldier says:

    I remember when the Democrats were ccalled the party of “tax and spend”.

    I guess this now makes the Republicans the party of “borrow and spend our grandchilderen into life long debt”.

    Too bad President Bush refuses to take personal responsibility for his actions.


  39. G. Gordon Giddy says:

    “The State of the Union is in God’s hands!”


  40. G. Gordon Giddy says:

    Only a moron would think IT whatever IT might be if IT exists as hands or is even anthropomorphic in the slightest.


  41. Preznit_Douchebag says:

    I always wondered why God even needed a gender since he/she/it is eternal and doesn’t need to reproduce.

    But I’m still a Christian (or more precisely, a follower of Jesus). Read the Beatitudes and you’ll see why.


  42. mighty aphrodite says:

    #23 – “Can you imagine how bad the economy would be if we had a cold winter?” – Gus, OB
    ****Thank GOD for global warming!!!!!!
    #41 Prez – You do mean the Beatitude, “Blessed are the peacemakers,” not “Blessed be the pacifists,” – Right??


  43. Ron says:

    If you would ring a bell in George’s presence, he would begin to salivate and make his way to the bar.

    Economy? What economy? We don’t need no stinking economy.


  44. Keith H. says:

    I sure would like to see someone call him on his constant b.s.
    Just a ‘That is a lie Mr. President’ followed by the truth on whatever subject it might be, would be awesome.
    Steam would emit from those pointed ears of his as his beady eyes drew even closer together until it appeared that there was but one eye in the middle of his cyclops forehead.


  45. unbelievable says:

    “The State of the Union is in God’s hands!”

    Comment by G. Gordon Giddy — January 27, 2006 @ 2:57 pm

    So, if Bush says it, we should take the opposite… Yep, he is a demon and Dick is “Satan”, so that works Gordon… :)

    (Why I love atheism… :)


  46. TerrytheTurtle says:

    The State of the Union is nearly ready for the Rapture


  47. Max-1 says:

    #38 Comment by Democrat Soldier

    The DNC has long been known as “tax and spend”
    ~ Rake it in so as to be in order to spend.

    The RNC has long been known as “defficit spenders”
    ~ Spend what we don’t have now and let those that follow pay for it.

    AND YES,
    Bush’s ignorence of facts betray his self-aggrandizement.


  48. Spudge_Boy says:

    “Blessed are the peacemakers”

    So, mighty aphrodite, you consider starting a pre-emptive war “peacemaking?”


  49. TerrytheTurtle says:

    #42, MA I get around a bit as you know and the Candaians I talk to look at Global Warming as a boon – better crop yields, NW passage opens up, faster tree growth. This week we saw the new Canadian PM tell the US ambassador to get st***ed on the NW passage issue (not exactly the toady you hoped for, it seems). Maybe moving to Canada is part of the plan… watch out, I predict the Loonie will pass parity with the dollar this year…


  50. TerrytheTurtle says:

    #48, Spudge you bring up an interesting point. If the Ten Commandments don’t actually form the basis for Western law (how many of them are actually enforced or encoded in law? – honour thy mother and father?). Why does everyone want a rock with them written on in the court house? Why isn’t anyone in the Christian right advocating for a copy of the Beatitudes in the court house, since that is more closely related to Christianity than Moses’s rocks?


  51. unbelievable says:

    Hey Terry,

    Did you see the 60 Minutes broadcast about Canadian Oil Sands? Looks like you may be right about their currency…


  52. wisedup says:

    another bush lie, that must make it # 9.7 ZILLION.


  53. TerrytheTurtle says:

    #51, no I didn’t, but I travel to Alberta at least twice a quarter and it feels like a gold rush. In the short term you only have to look at the differential between Canada as running a budget surplus and as a commodity currency (like Australia or South Africa, but without the deficit) and the US as running a huge deficit and having declining commodities that count (oil and gas).


  54. TerrytheTurtle says:

    The Loonie has outperformed even the Swiss Franc, despite the run up in gold.


  55. You can't handle the truth! — says:

    More Jobs & Economy News
    • CBO widens budget deficit view
    • Mind the gap: Income inequality, state by state
    • Bush to push for permanent tax cuts
    • Durable orders rise above expectations
    • Jobless claims inch higher
    • Home sales slide continues



  56. You can't handle the truth! — says:

    Ford bans competitors’ vehicles from lot
    Firm’s Dearborn Truck Plant will require employees to drive a Ford or park across the street.
    By David Ellis, CNNMoney.com staff writer
    January 27, 2006: 2:31 PM EST

    NEW YORK (CNNMoney.com) – Employees at Ford’s Dearborn Truck Plant in Dearborn, Mich., will have to drive Ford Motor Co. vehicles to work or park across the street, the plant manager announced earlier this week.

    The new parking policy, which is scheduled to take effect Feb. 1, was instituted by plant manager Rob Webber just as Ford reported losses of $1.6 billion from its North American auto operations in 2005 and Monday announced plans to close 14 plants and cut 30,000 jobs as it tries to reverse losses and respond to declining U.S. market share.
    http://money.cnn.com/


  57. Bob Loblaw says:

    Canada is now being run by NeoCon Lite.


  58. TerrytheTurtle says:

    #58, I would not necessarily agree with that, Bob. Already this week the Canadian PM has slapped the US ambassador around over the NW Territory.

    Judge him by what he does, not what his party is. Chirac is right-of-center too, but noone calls him a neo-con. Angela Merkel came out swinging on Gitmo and has already started moving away from Chimpy’s soul buddy, Mr (Ras)Putin.


  59. unbelievable says:

    Terry,

    The Oil Sands are in Alberta… it’s accessed through a small town in teh north where the winters are bitter cold, but you know how it goes when there’s money in them thar hills…

    The oil supply there is pretty abundant, from what the show aired, but it pollutes the environment horribly to extract it – so in addition to affluence there, you may soon be seeing smog…


  60. unbelievable says:

    “Conservative” in Europe is considerably more liberal in contrast to our current yardstick. In fact, I’d say (from having spent many months in Europe and keeping current on politics there) that the Democrats are currently more conservative than either Chirac or Merkl.


  61. Ron says:

    Canadian money? You have got to be kidding. I have some. I placed a magnet in the bag of Canadian coins I have and they all stuck to the magnet. It is worth less than murkan money.

    Buy silver, buy gold. Forget about funny munny cash, it’s worthless.


  62. G. Gordon Giddy says:

    #23 – “Can you imagine how bad the economy would be if we had a cold winter?” – Gus, OB
    ****Thank GOD for global warming!!!!!!
    #41 Prez – You do mean the Beatitude, “Blessed are the peacemakers,” not “Blessed be the pacifists,” – Right??

    Comment by mighty aphrodite

    Thus mutt likes to read the Bible the way God wrote it. In the King’s English. Get a job and a hysterectomy. I hear it helps with the hot flashes and rushes of testosterone.


  63. TerrytheTurtle says:

    #62, I was sounding off in one of the other threads the other day about the fatal flaw in the oil sands economic proposition. To get the tar out of the sand you need a lot of steam (Steam Assisted Gravity Drainage, its called). Guess how you generate the steam? Natural gas, which has more than doubled in price these last few years and is already in such decline in NA that the US is trying to import nat gas as LNG from Trinidad. The economics of tar sands are not that good, frankly. There’s a lot of it, sure, but if the price at the pump ends up being $6 or $8 or more, will that save the ‘non-neogitable’ US lifestyle? I think not.


  64. TerrytheTurtle says:

    We tend to think of the tar sands as easy to get to the pump as West Texas crude or Alaskan crude. Its simply not, it costs a lot more and depends on a lot of nat gas to get. Someone has to pay for that extra effort – guess who?


  65. TJM says:

    RightPunch, the inflation figure of 2.6% (although you didn’t specify which measure)was for all of 2005 (actually dec.05 over dec.04) so you can’t take a quarterly GDP # and subtract a full year inflation figure.


  66. Marie says:

    “Spoke too soon” ?? Only if one acknowledges reality and respects the truth. Bush says whatever; his sheeple believe whatever and facts never enter into it.
    He says so, ergo, it is.
    Facts – shmacts – they don’t need no stinkin’ facts.


  67. Blue State Red says:

    Speaking of speaking too soon:

    Inflation is down.

    Unemployment is down.

    The deficit is down as a percentage of GDP.

    Federal revenues are up.

    Housing starts are up.

    The stock market rallied today – big time, as they say.

    And all of this despite skyrocketing energy costs and the worst hurricane season in a century.

    Oh yeah, TP’s timing is impecable. With all this good economic news, TP picks today to highlight a slugggish fourth quarter growth number – literally the only negative data in a sea of good news. If that’s the best you can do, I guess things must be pretty good.


  68. David says:

    This is the best economy since Warren Harding.

    And that is the best line of the day.


  69. For Truth says:

    #23

    Right before Christmas, gas prices fell considerably, like right around Thanksgiving. I think it was to get people in the mood to go shop. Now that the biggest shopping season is over, guess what, gas prices going back up. 2/3rds of the economy depends on people going out and shopping, 1/3rd of most retailers annual revenue comes at Christmas time. That was a small concession to keep the holiday shopping season profitable. Now its back to gauging by big oil.


  70. chuck despres says:

    FOR A FEW WAR PROFITEERS AND DRUM BEATERS IN THE BUSH ADMINISTRATION, THE IRAQ WAR MEANS HUGE, HUGE PERSONAL PROFITS.

    FOR THE IRAQIS, U.S. TROOPS, AND MOST U.S. TAXPAYERS, THE IRAQ WAR MEANS LOSS OF LIVES, LOSS OF FAITH, HUGE INCREASES IN FUEL PRICES, LOSS OF PURCHASING POWER.

    “Happy days are here again?”


  71. Jack says:

    See the problem is, you are expecting truth based on what most responsible, reasonable people perceive as reality.

    This administration make up their own reality to fit their needs.

    When did the facts every matter to this President… they’ll say what they want, when they want, whether it is true or not. The truth does not matter to this President.

    Texas Governor
    Vote for Kinky Friedman
    http://www.kinkyfriedman.com/


  72. David says:

    If the Ten Commandments don’t actually form the basis for Western law

    Problem is, the Hamurabic Code predates it by, probably, a good five hundred years. And it is not like the Bible has a monopoly on concepts like murder, stealing, lying are wrong.


  73. TerrytheTurtle says:

    #70 I guess you don’t work for Ford then BSR?


  74. Ron says:

  75. RightPunch says:

    “Inflation is down.
    Unemployment is down.
    The deficit is down as a percentage of GDP.
    Federal revenues are up.
    Housing starts are up.
    The stock market rallied today – big time, as they say.
    And all of this despite skyrocketing energy costs and the worst hurricane season in a century.
    Oh yeah, TP’s timing is impecable. With all this good economic news, TP picks today to highlight a slugggish fourth quarter growth number – literally the only negative data in a sea of good news. If that’s the best you can do, I guess things must be pretty good. Blue State Red ”

    There are so many partisan arguments in this that the partisan brain posted it’s hard to know where to begin.

    Inflation is a problem – 2.6% in a 1.1% GDP growth would make a reasonable non-partisan concerned.
    Unemployment only tracks those on the roles, it doesn’t reflect new job creation or jobs relative the beginning of the presidential term, both of which make Bush look like one of the worst stewards of the american economy in history – maybe since Hoover.
    The deficit is HUGE, and only an unthinking partisan brain wouldn’t consider this a problem.
    Housing starts were DOWN in december, and the mortgage industry has already signaled the boom is over.
    The stock market always climbs the wall of misery – only a partisan who claims to know something about economics wouldn’t know or admit this.
    And Skyrocketing Energy is part of the failure of the economic policies, and a direct result of Bush international policies, just as the levee failures were a direct result of Bush policies.

    It doesn’t take a partisan to realize that the economy is puttering along, and the indicators are a mixed bag at best, and a screaming failure at worst. But apparently the partisan brain like yours filters out all of the information, and replaces it with emotions, cheerleading and misinformation.

    But don’t worry, it’s easy to correct your misinformation, and to offer you my forgiveness for your sins. I know you don’t mean to bear false witness (isn’t that the religious term? – I prefer lie), but you clearly can’t help yourself. I forgive you for being so desperate that you’d let your animal brain think for you – and I feel pity for you that you’re so frightened of liberals or those that disagree with you. Clearly it’s made you giddy with hysteria – poor thing. It’s OK, it doesn’t mean you’re a bad person, just that you’re making bad choices.


  76. unbelievable says:

    The weather up north is not as cold as one thinks it is.

    I was in Anchorage in the summer of 2004 and the temperature was 94 degrees in Argust.

    Comment by Ron — January 27, 2006 @ 6:53 pm

    I was in Anchorage | Denali in August 2002 for 10 days and the temperature was 56 degrees – for the daily high. Except one day when it was 75.

    Cold is subjective.


  77. Jay Randal says:

    3 more years of Bush means that by the end of 2008 probably 50% of Americans will be unemployed, homeless and/or starving to death! The elderly will be eating cat food to survive and many will die prematurely, due to neglect! Another 40% will have jobs, but at minimum pay and barely able to pay any bills, with massive credit card debt! The wealthy 10% will be richer, and having more parties, with abundant cheap servants!


  78. purvis ames says:

    From his boy in the bubble perspective, Bush is absolutely correct. The economy for the .01% of the population who comprise his friends is doing very well indeed. Who cares about anyone else?


  79. unbelievable says:

    3 more years of Bush means that by the end of 2008 probably 50% of Americans will be unemployed, homeless and/or starving to death! The elderly will be eating cat food to survive and many will die prematurely, due to neglect! Another 40% will have jobs, but at minimum pay and barely able to pay any bills, with massive credit card debt! The wealthy 10% will be richer, and having more parties, with abundant cheap servants!

    Comment by Jay Randal — January 27, 2006 @ 10:21 pm

    I agree, but think you’re being too optimistic… cat food has gotten just as expensive as human food. I think these people will be starving to death, while in some cases, as occurred on Easter Island, you might see people killing and eating anything they can catch…


  80. Marie says:

    #77, and #62 Alberta sits atop the biggest petroleum deposit outside the Arabian peninsula – as many as 300 billion recoverable barrels and another trillion-plus barrels that could one day be within reach using new retrieval methods. (By contrast, the entire Middle East holds an estimated 685 billion barrels that are recoverable.) But there’s a catch. Alberta’s black gold isn’t the stuff that geysered up from Jed Clampett’s backyard. It’s more like a mix of Silly Putty and coffee grounds
    I think I read, however, that in order for extraction, it requires hot water, and the method of getting that much steam requires natural gas. That is in addition to the pollution that would occur.


  81. big papa says:

    #23 – “Can you imagine how bad the economy would be if we had a cold winter?” – Gus, OB
    ****Thank GOD for global warming!!!!!!
    #41 Prez – You do mean the Beatitude, “Blessed are the peacemakers,” not “Blessed be the pacifists,” – Right??

    Comment by mighty aphrodite #42

    Puny Hermaphrodite,

    Your douchebag must be extra Super-Duper Custom made…

    …do they sell feminine products strong enough for you?


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