Democrat Delusions Of Economic Grandeur
Here’s the Democrats’ take on the economy, courtesy of party chair Rep. Debbie Wasserman Schultz:
“We own the economy. We own the beginning of the turnaround and we want to make sure that we continue that pace of recovery, not go back to the policies of the past under the Bush administration that put us in the ditch in the first place.” … The economy, she said, “has turned around” since President Obama took office, with steady job growth evident even if the pace leaves something to be desired.
Wasserman Schultz said Democrats aren’t in need of a new story to tell about the economy because they’ve put the right policies in place. “I don’t think it’s about what we say, it’s about what we do.”
And here’s reality:
The economy is facing a troubling mix of higher prices and weak growth. Underlying U.S. inflation rose to its highest level in nearly three years in May, while a regional factory gauge posted a surprise contraction this month, reports on Wednesday showed.
…
But in a trend that could trouble policymakers at the U.S. Federal Reserve, the Labor Department said the consumer price index outside food and energy surged 0.3 percent.
That was the largest gain since July 2008, though some of the spike appears to reflect supply disruptions from Japan’s earthquake that pushed auto prices sharply higher.
Separate reports showed a striking decline in New York State manufacturing activity and a disappointing 0.1 percent rise in May industrial output, though the latter was partly the result of a pullback in utilities tied to cool weather.
See the difference?
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