How do you think the US economy is doing? Why?

There are the 'haters' of this country who would have you believe that the economy is in ruin, and the fault lies with "Big Oil" and President Bush. Here are my two problems with that.

1) Big Oil
Oil brings billions of dollars in revenue to countries that would otherwise be completely impoverished. Those countries of course don't share all of their oil wealth with the people, but the revenue is there nonetheless. Also, a lot of that revenue is dispersed to other non-source countriew who either refine it, operate drilling and exploration companies, or operate transportation ship companies...not to mention all the wonderfull things which are made from petroleum that you use in your daily life. Make a list of 10 things you "have to have" in your daily life and I'll bet at least 75% of them have some petroleum based product or process in order to be brought to the market, produced or to operate.

2) President Bush:
On July 6, 2007, The Bureau Of Labor Statistics Released New Jobs Figures – 132,000 Jobs Created In June. Since August 2003, more than 8.2 million jobs have been created, with more than 2 million jobs created over the twelve months ending in June. Our economy has now added jobs for 46 straight months, and the unemployment rate remains low at 4.5 percent.

Americans Are Working And Taking Home More Pay

Real After-Tax Per Capita Personal Income Has Risen By 9.9 Percent – Nearly $3,000 Per Person – Since President Bush Took Office.

Real Wages Rose 1.1 Percent Over The 12 Months Ending In May. This is faster than the average rate during the 1990s, and it means an extra $729 in the past year for the typical family with two wage earners.

The Economy Has Now Experienced Over Five Years Of Uninterrupted Growth, Averaging 2.9 Percent A Year Since 2001. Real GDP grew a strong 3.1 percent in 2006.

Since The First Quarter Of 2001, Productivity Growth Has Averaged 2.8 Percent. This is well above average productivity growth in the 1990s, 1980s, and 1970s.

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I believe the economy is just fine where it is. Investors and homeowners alike are reaping low interest rates, high return on investments, and confidence in their personal economic situation. All we need now is flat tax, privatized social security, and an extremely reformed welfare and unemployment system.

With all due respect, where did you buy your rose-tinted glasses? First of all, I do not have a problem with “big oil” Actually, I wish I owned stock in one of those companies, but that’s beside the point. Also, I am not a Bush-hater. However, I do not think that our economy is doing that great and I believe that it is going to start to stumble.

For example, economic growth, although positive, has been growing slower than it has in the past. In the first quarter, it grew only 0.7 percent – the worst increase in more than four years. The housing market is in a slump. Not only have foreclosures and delinquencies on “subprime” mortgages grown, but new construction has been greatly reduced. Finally, although the unemployment rate is incredibly low (4.5%), it is expected to increase to 4.75% by the end of they year.

These are all trends that in my mind show that the economy, although great at one point, is not doing very well.