Yep That Bush Economy is Doing Just Great
Well, okay the economy is doing alright and while the news that Ford is going to cut 30,000 jobs and close at least 10 North American plants is not good news it doesn’t mean the economy is heading into the tank (see also James’ post about GM cutting 30,000 jobs and closing 12 N. American plants). But it does indicate that the economy isn’t so “Great!” like many have been braying. The economy is doing alright, but the recovery is more than four years old and that makes it a fairly “old” expansion (click here for information on the length of economic expansions). The payroll survey numbers for jobs has been spotty, and since the end of the recession has been rather lack luster when compared to previous expansions.
But hopefully the economy will adjust to the higher energy prices, and the expansion will continue. Still, there are some serious issues facing the economy such as the completely unrestrained spending of the Bush Administration (aided and abetted by the Republicans in Congress), the trade deficit, and aging work force (i.e. big jumps in Social Security and Medicare spending).