Here's a scary thought: Suppose he's right?

from the American Progress Fund:

ECONOMY
Not Necessarily the News

This is what happens when you don't read the news. Data released over the last week revealed that economic growth has slowed dramatically, consumer spending has plummeted and the federal deficit is projected to reach an all-time high. President Bush's take on the economy: "we've turned the corner and we're not going back."

Posted by Prometheus 6 on August 2, 2004 - 12:42pm :: Economics
 
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There's a lot of stupid chestnuts about the economy. One is that defense spending stimulates the economy while civilan public works cause stagnation. Another is that consumer confidence drives the economy--ergo, you really can talk the economy up or down. If this doesn't work in the USA, it works nowhere,* and it doesn't work here.

So Bush really does believe optimism creates jobs. Me, I think that optimism is by definition, delusional.
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* The reason is that the USA is not constrained by international currency markets; the USD can fall quite a lot before it imposes constraints on the monetary authorities here to tighten money.

Posted by  James R MacLean (not verified) on August 2, 2004 - 8:26pm.

One is that defense spending stimulates the economy while civilan public works cause stagnation

This one is particularly absurd. Like claiming there's a difference between the electricity in Duracell and a Ray-O-Vac batteries.

Posted by  P6 (not verified) on August 3, 2004 - 1:08am.