Apparently it doesn't.
The RCP Blog - The Bush Boom - Larry KudlowDidn't hear a thing about job creation in June in the news, and it wasn't exactly prominent in the paper.The thought here is very simple: Low tax rates on capital benefit both businesses and consumers. In fact, a combination of record low taxes and record high profits is the key to understanding our current economic boom, which is the greatest story never told.
Just take a look at today's factory orders report for May. It shows that order backlogs are surging at a 13 percent rate. This is yet another indicator of the business boom.
Moreover, the ADP jobs report hints at a much stronger than expected jobs gain in Friday's report--368,000 new jobs in June, compared to street consensus of only 160,000. (This is the largest monthly increase in employment since the ADP index was created five years ago.)
Yet, the demand-siders continue their doom and gloom. They've predicted four or five growth pauses in the last three years, as the economy shrugged off their pessimism and roared ahead. They have been wrong over and over again. And all signs suggest they will continue to be wrong.
Funny - you'd think something like that would be noteworthy.
J.
Comments (2)
Someday, the gloomy gus crowd of the left will be right about a temporary slowdown and scream how they were right.
Even a broken clock is right twice a day.
Posted by Ben USN (ret) | July 8, 2006 10:34 AM
Posted on July 8, 2006 10:34
Yeah, but the other 23 hours, 59 minutes and 58 seconds they'll be constantly reminding us how they were right and we should listen to their prescriptions for the economy.
Sorry, but I don't want to go back to the Carter days.
J.
Posted by JLawson | July 8, 2006 2:25 PM
Posted on July 8, 2006 14:25