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EducateWorthington.org

The 912 Project - Glenn Beck

912 Group of Central Ohio

Please let me know if you'd like your link added

[Exports Hit Record]

Trade Gap Shrinks as Imports, Exports Hit Record

WASHINGTON (Reuters) - The U.S. trade deficit narrowed in February as a combination of the weak U.S. dollar and stronger economic growth propelled both exports and imports to record levels, a government report showed on Wednesday.

Webpage

 

[Total employment in March held at 138.3 million]

Total employment in March held at 138.3 million, and the employment-popula-
tion ratio--the proportion of the population age 16 and over with jobs--was
essentially unchanged at 62.1 percent.  The civilian labor force was about
unchanged over the month at 146.7 million, and the labor force participation
rate remained at 65.9 percent.  (See table A-1.)
Webpage

More People are working in America today than at any time before in History. Don't take my word for it, just visit the BLS.:

Clinton's Last Month In Office Webpage
Total employment increased by 358,000 in December to 135.8 million,
seasonally adjusted.

Either everyone in the Media has failed basic math, or they simply don't understand that
138.3 million is larger than 135.8 million. From my calculations, 2.5 Million Jobs have been created since President Bush took office. Actually, 2 million manufacturing jobs had to be replaced, and then 2.5 million jobs had to be created so a Gross 4.5 million jobs have been created. That ani't chicken feed considering he inherited a recession, was faced with 9/11, and had to fight 2 wars in 3 1/2 years.



 

Gross domestic product.......  11,262.0 (Billions) Largerst GDP in HISTORY

http://www.bea.doc.gov/bea/newsrelarchive/...004/gdp403f.xls
 

[Strong Growth]

Strong Growth

Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 4.1 percent in the fourth quarter of 2003,
according to revised estimates released by the Bureau of Economic Analysis.  In the third quarter, real
GDP increased 8.2 percent. (Highest Rate in 20 Years)

Low Inflation

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.3 percent in the fourth quarter, 0.2 percentage point more than in the preliminary estimate;
this index increased 1.8 percent in the third quarter.  Excluding food and energy prices, the price index
for gross domestic purchases increased 1.5 percent in the fourth quarter, compared with an increase of
1.3 percent in the third.

Corporate Profits exceed 1 TRILLION, yes Trillion with a T, for the first time in history.
 Corporate profits with inventory  valuation and capital consumption  adjustments 1,069.9
(Billions)
 

["Homeownership is at the highest rate ever,"]

"Homeownership is at the highest rate ever,"

Some 68 percent of Americans own their own homes, and that record high fits well into Bush's domestic agenda. It's part of his concept of an "ownership society," which promotes the idea of Americans owning their own homes and owning and managing their own health care and retirement plans, small businesses and the like.

"Homeownership is at the highest rate ever," Bush said during a conversation with local residents. "That means that more people than ever in our history are able to say `I own something."'

Webpage

 

[unemployment rate for 1995 was 5.6%]

In 1995, Bill Clinton ran on a "Strong Economy" the unemployment rate for 1995 was 5.6%

1995.........5.6

Webpage

Currently the Democrats are attacking President Bush for not creating Jobs even though the economy is very strong. They call it a "jobless" recovery. The Unemployment rate in January of this year was 5.6%, in February it was 5.6%, and last month, even though we had strong growth, the unemployment rate ticked up to 5.7% as more people entered the work force.

 2004:                                                                                                    
      January........5.6  February........5.6   March.......5.7  

Webpage

Interesting review of the Clintoon years

The Market tells a different story of the Clintoon years

Pre Reagan Era Keynesian Demand Side Economics Rules, Reagan and Post Reagan Supply Side Ruled. Only one conclusion can be reached, Supply Side Economics kicks ass.

Clinton Economic Statistics to consider. Basically the Clinton economic miracle is a myth. Almost evvery economic statistic turned direction with the Republican takeover of Congress. It was a Republican Supply-Side Miracle, not a Clinton miracle. IN fact, he fought tooth and nail to prevent teh passsage of the Contract With America.

Q: 30 bond yields 11/11/94, days before the Republican take-over and the failure of Hillarycare.?

A: 8.147% (Above where it was when Bill Clinton took office)

Q: Long Bond Yield 1 year after the Republican takeover, and the conversation has turned from spending more money to shutting down the Gov't over spending cuts. (Thank you Newt for changing the conversation in Washington)

A: 6.323% (30 Year Long Bond Yield 11/10/95)

Q: Long Bond after 6 years of Republican control?

A: 5.845% (30 Yr. Long Bond 10/08/2000)

Q: SNP 500 when Bill Clinton wins election?

A: 420.68 (SNP 500 11/16/92)

Q: SNP 500 after 2 years of Democratic Rule?

A: 465.68 (SNP 500 11/16/94, a gain of 10.6% or 5.2% annualized. A rate lower than CDs are today).

Q: SNP 500 when Republicans take control?

A: 465.68 (SNP 500 11/16/94)

Q: SNP 500 after 6 years of republican rule?

A: 1408 (Market close Friday 10/06/00 SNP 500, total return of 302% or 20.25% annualized. Had FDR initially privatized social security people’s social security accounts would have tripled in just the last 6 years, imagine the impact over a 40 year working life)

Q: GDP growth Rate 1992 thru 1994?

A: 3.14 (This number is aided by the fact that we were coming out of a recession)

Q: GDP Growth Rate 1994-Present

A: 3.8% (Much of this growth is due to the supply side policies of deregulating the telecommunications industry which opened up the Internet for commerce, and eliminating the crowding out affect of heavy Government borrowing, a task made possible by winning the Cold War. BTW we did “grow our way out of the deficit,” just as Reagan claimed and Bill Clinton gladly accepts credit.

Q: SNP 500/NASDAQ 100 after the Democratic convention when Gore took lead in polls by demonizing big business?

A: SNP 500@ 1496, NASDAQ100 @ 3831.59 (/08/17/2000 )

Q: Market close Friday 10/06/00.

A: SNP 500 @ 1408, a 6% loss and falling,  NASDAQ 100 @ 3311.94 a 13.5% loss and falling.

Coincidence or correlation? You decide but this vote may be the most expensive vote you ever cast, especially if Al Gore wants to merge the “RISKY” privatized retirement plans of our teachers, state, and federal workers into social security.

 

Economic Report of the President
My Webpage

GDP
My Webpage

% Change GDP
My Webpage

Personal Incomes
My Webpage

Per Capita Income
My Webpage

Employment
My Webpage

Unemployment Rate
My Webpage

Industrial Production
My Webpage

New Homes
My Webpage

Inflation
My Webpage

Bond Yields
My Webpage

Federal Deficit, Tax Cuts
My Webpage

Debt as a % of GDP, note how GWB's Period is well below Clintons
My Webpage

Profits at all time high
My Webpage

Exports have surged
My Webpage

BLS
My Webpage

GAO
My Webpage

NASDAQ
My Webpage

SNP 500
My Webpage

Dow Jones Industrial
My Webpage

Russell 2000
My Webpage

Wilshire 5000
My Webpage


Mid-Caps
My Webpage

30 Yr Yield
My Webpage

Reagan
My Webpage

Congress
My Webpage

MGF at highest pace in 20 yrs
My Webpage

U.S. receiving more 'outsourced' jobs than it's losing
My Webpage

Deflation no longer threatens the U.S. economy, Fed Chairman Alan Greenspan said Tuesday
My Webpage

Myth #1: America is losing jobs.

Fact: More Americans are employed than ever before.

The household employment survey of Americans indicates that there are 1.9 million more Americans employed since the recession ended in November 2001. There are 138.3 million workers in the U.S. economy today—more than ever before.[2]

Myth #2: The low unemployment rate excludes many discouraged workers.

Fact: Unemployment is dropping, despite a surging labor force.

Not only is the unemployment rate low in historical terms at 5.6 percent, but the workforce has been growing—there are now 2.03 million more people in the labor force than in late 2001. Without a higher rate of unemployment or a shrinking workforce, there is no evidence of growing discouragement.[3]
 
Myth #3: Outsourcing will cause a net loss of 3.3 million jobs.

Fact: Outsourcing has little net impact, and represents less than 1 percent of gross job turnover.

Over the past decade, America has lost an average of 7.71 million jobs every quarter.[4] The most alarmist prediction of jobs lost to outsourcing, by Forrester Research, estimates that 3.3 million service jobs will be outsourced between 2000 and 2015—an average of 55,000 jobs outsourced per quarter, or only 0.71 percent of all jobs lost per quarter.
 
Myth #4: Free trade, free labor, and free capital harm the U.S. economy.

Fact: Economic freedom is necessary for economic growth, new jobs, and higher living standards.

A study conducted for the 2004 Index of Economic Freedom confirms a strong, positive relationship between economic freedom and per capita GDP. Countries that adopt policies antithetical to economic freedom, including trying to protect jobs of a few from outsourcing, tend to retard economic growth, which leads to fewer jobs.

Myth #5: A job outsourced is a job lost.

Fact: Outsourcing means efficiency.

Outsourcing is a means of getting more final output with lower cost inputs, which leads to lower prices for all U.S. firms and families. Lower prices lead directly to higher standards of living and more jobs in a growing economy.

Myth #6: Outsourcing is a one-way street.

Fact: Outsourcing works both ways.

The number of jobs coming from other countries to the U.S. (jobs “insourced”) is growing at a faster rate than jobs lost overseas. According to the Organization for International Investment, the numbers of manufacturing jobs insourced to the United States grew by 82 percent, while the number outsourced overseas grew by only 23 percent.[5] Moreover, these insourced jobs are often higher-paying than those outsourced.[6]

Myth #7: American manufacturing jobs are moving to poor nations, especially China.

Fact: Nations are losing manufacturing jobs worldwide, even China.

America is not alone in experiencing declines in manufacturing jobs. U.S. manufacturing employment declined 11 percent between 1995 and 2002, which is identical to the average world decline.[7] China has seen a sharper decline, losing 15 percent of its industrial jobs over the same period.


My Webpage

Myth #8: Only greedy corporations benefit from outsourcing.

Fact: Everyone benefits from outsourcing.

Outsourcing is about efficiency. As costs decline, every consumer benefits, including those who lose their jobs to outsourcing. A 2003 study by Michael W. Klein, Scott Schuh, and Robert K. Triest, which includes dislocation costs in its calculations, shows the benefits of trade outweighing its costs by 100 percent.[8]

Myth #9: The government can protect American workers from outsourcing.

Fact: Protectionism is isolationism and has a history of failure.

Proposals to punish businesses that outsource jobs, institute tariffs, or change tax rules will carry unintended consequences if enacted. Such measures would injure U.S. firms that export goods and services and erode U.S. competitiveness, often in unexpected ways. Recent steel tariffs, for example, cost jobs in dozens of industries while raising prices for consumers.[9]

Myth #10: Unemployment benefits should be extended beyond 26 weeks.

Fact: Jobless benefits are already working

The median duration of unemployment is now 10.9 weeks; most workers are covered by existing benefits, which last for 26 weeks. Extending today’s coverage to 39 weeks would cost billions of dollars and have little impact.

My Webpage

THE WALL STREET JOURNAL ONLINE, MARCH 15, 2004

MORE WORK IS OUTSOURCED TO U.S. THAN AWAY FROM IT, DATA SHOW

By MICHAEL M. PHILLIPS
Staff Reporter of THE WALL STREET JOURNAL

WASHINGTON -- Despite the political outcry over the outsourcing of white-collar jobs to such places as India and Ghana, the latest U.S. government data suggest that foreigners outsource far more office work to the U.S. than American companies send abroad.
The value of U.S. exports of legal work, computer programming, telecommunications, banking, engineering, management consulting and other private services jumped to $131.01 billion in 2003, up $8.42 billion from the previous year, the Commerce Department reported Friday.

Imports of such private services -- a category that encompasses U.S. outsourcing of call centers and data entry to developing nations, among other things -- hit $77.38 billion for the year, up $7.94 billion from 2002. Measuring imports against exports, the U.S. posted a $53.64 billion surplus last year in trade in private services with the rest of the world.

Under government accounting, when a U.S. company opens a technical-support center in India that handles inquiries from the U.S., that is considered a U.S. import of services. When a U.S. lawyer in New York does work for a German auto company or a New York investment banker works on a deal for a Japanese company, that is an export of services.

My Webpage

U.S. Job Growth Soars

the nation's employers dusted off their help-wanted signs in March and added workers at the quickest pace in four years, swelling payrolls by 308,000.

Even so, the unemployment rate inched up a tenth of a point to 5.7 percent as more people were encouraged to start looking for work again but failed to find jobs, the Labor Department said Friday.

My Webpage