U.S. GDP revised up to 4.9% for third quarter

WASHINGTON (MarketWatch) — The U.S. economy expanded at the fastest pace in four years during the third quarter, growing at a real annual rate of 4.9%, the Commerce Department said Thursday in making its second estimate of growth for the three-month period.

Before I start talking about the incredible, continued economic expansion (24 consecutive quarters), let’s acknowledge the housing crisis, the subprime loan debacle, the falling dollar and long term national debt. Yes, liberals and MSM, those are serious headwinds for our economy.

Ok, now that we have that out of the way, what are we to think of a media and a certain political party that so insessently talks down the economy in the name of partisan politics? It’s just like Iraq. Good news for America (on the war, on the economy) is bad news for them. That is not a very attractive place to be, if you ask me.

That being said, let’s give credit where credit is due. The doom and gloom crowd has done a far better job than the administration in the area of communications.

Oct. 25 (Bloomberg) — Almost two-thirds of Americans say a recession is likely in the next year and a majority believes the economy is already faltering, according to a Bloomberg/Los Angeles Times survey. By 65 percent to 29 percent, Americans say they expect a recession, the poll found. Fifty-one percent say the economy is doing poorly, compared with 46 percent who say it is doing well, the gloomiest view since February 2003.

Like a broken clock, the Democrats and their MSM allies will eventually be right, and they will say “see we told you so”. But that isn’t enough. They have been talking recession for years, literally years now. When Bill Clinton ran for president in 1992, they did the same thing. It was “the worst economy since Herbert Hoover”. They always do it. It’s who they are. The party of negativity.

“The bottom line is, this is George Bush’s recession.”
Democrat Rep Nina Lowey, November 29, 2001

”I don’t know that you can ever say one figure in history caused a recession, but in the last year, his budget, tax and economic policies have been misguided, have been wrong.”
Democrat Rep. Richard Gephardt, December 9, 2001

Remember those quotes, and when they were said, when you hear Democrats talking about how George Bush has been the responsible for the bitterness in Washington. What utter BS.

The Coming Bush Recession
Robert B. Reich, Bill Clinton Labor Secretary, January 29, 2001

Good call Bob, it’s only six years later and we are still waiting, and waiting and waiting…

“There’s been real damage done here and it’s going to effect the lives of everyone in this country.”
Senate Budget Chairman Kent Conrad, D-N.D. , January 9, 2002

The economic recovery from the recession that began last year is thus far quite weak by historical standards. The current economic situation bears troubling similarities to the “jobless recovery” of 1991-92 that plagued the Administration of the current President’s father. A reprise of those economic difficulties would result in deficits swelling beyond expectation — just as deficits ballooned to record levels 11 years ago.
Democrat Rep. John Spratt, October 17, 2002

“The state of our union today is anxious. The triple threat of war, terrorism and recession are combining to make Americans unsure about their future and unclear about the course our nation is taking.”
Tom Daschle, January 28, 2003

“At this moment, we need an economic plan with the single, overriding goal of helping the economy, and helping the economy now.”
Tom Daschle, January 24, 2003