U.S. Economy Growing At Record Rate

by Staff - December 21st, 2007 - Reuters (theage.com)

The U.S. economy has grown at its fastest rate in four years during the third quarter, the government has confirmed.

However a surge in new claims for jobless benefits showed the US labour market is softening.

The Commerce Department said gross domestic product, which measures the total output of goods and services within US borders, expanded at a 4.9 per cent annual rate in the third quarter, the same as it estimated a month ago and the strongest since the third quarter of 2003.

The effects of the subprime mortgage crisis and the housing slump worsened during the quarter - and continue to cut into the outlook for growth.

The "surge in new claims for jobless benefits" is a minor uptick in a labor market that is bordering on fully employed. To call it a "surge" is asinine. That is one example of the bias in this article.

The sub-prime mortgage crisis is old news and any honest assessment would be that the economy is amazingly strong and resistant to the impact. The crisis has passed. That is bias number two.

So why do you think they are making this cautious criticism of the economy? Take a look at who the article is from. Reuters, like most of the Main Stream Media, has to downplay any good news as long as Democrats and socialist-progressives do not control the nation. This is in accord with John Edwards two Americas theme.

Amazingly the poor in America are better off than the middle class of most other nations. The "poor" here own more cars (74%), own more houses (46%), get better health care (free in any emergency room) and live more comfortably (97% Color TVs, 76% air conditioning) than all but the richest people from the last century.

However the socialists - liberals - democrats use exagerated fears and claims of poverty to maintain their goal of ending free enterprise and taxing the middle class to redistribute wealth to the poor. As long as America is the land of free enterprise, and democrats are not in control, the news will remain BAD. Count on it.