I’m going to do something we don’t usually do at Wizbang and quote a story in its entirety.
WASHINGTON – The U.S. economy turned in a remarkably strong performance in the summer despite surging energy prices and the battering the Gulf Coast states took from hurricanes, although business growth was slightly lower than the government previously estimated. The Commerce Department reported Wednesday that the gross domestic product, the nation’s total output of goods and services, rose at an annual rate of 4.1 percent in the July-September quarter. It was the fastest pace of growth in 1 1/2 years.
While down slightly from the 4.3 percent GDP estimate made a month ago, the new figure demonstrated that the economy kept expanding at a strong pace during the summer, led by solid increases in consumer demand, especially for autos, and business investment.
The third quarter performance was up substantially from a 3.3 percent GDP growth rate in the April-June quarter and was the best showing since the economy expanded at a 4.3 percent rate in the first three months of 2004.
Analysts believe growth has slowed substantially in the current quarter to around 3 percent, reflecting slower increases in consumer spending now that attractive auto incentives have been removed.
The increase in third quarter growth came despite the fact that the country was hit by Katrina, the most expensive natural disaster in U.S. history, and by Rita.
There is something obviously missing from this story. First one to find it gets -ummmm- nothing.
Update: That didn’t take long. What is obviously missing, is crediting the Bush administration for their economic policies. For 8 years of Clinton every good bit of economic news was credited to him personally. “In another sign the Clinton economic plan is working blah blah blah…”
If this had happened during the Clinton administration, the story would have been written to make it look like not even mother nature herself could stop the Clinton economy. All thru the Clinton years, reporters never considered that the economic good times might (just maybe) have had something to do with the internet bubble.
I even remember one insane reporter making the case that the internet boom was slowing the “Clinton Economy” and it would be even more robust without the distraction. We were told back then that the Commander in Chief could commit perjury and obstruction of justice if the economy was good.
It was, as the saying goes, all about the economy. Fast forward to the Bush administration and if there is bad news about the economy, Bush’s name is plastered all over it. Good news happens in a vacuum.
In reality, Presidents have much less influence over the economy than the media gives them credit for… But the power of the spin of the media should never be underestimated.