GOP greets economic news with total silence

[PamIsMe]

GOP greets economic news with total silence
12/23/14 12:58 PM—Updated 12/23/14 10:03 PM
By Steve Benen

For those hoping to see the American economy succeed, there are a lot of reasons to smile this morning. Economic growth is at an 11-year high. Job growth is at a 15-year high. The stock market is soaring. Wages are rising. Gas prices are plummeting. American manufacturing is improving. The uninsured rate is dropping.
President Obama is boasting about “America’s resurgence,” and in a twist, the public may be starting to believe him.

And this got me thinking: what’s the Republican response to all of this?

As we discussed earlier, GOP officials have been heavily invested in a simple proposition: the combination of the Affordable Care Act, federal regulations, Dodd-Frank reforms, and higher taxes approved last year are a brutal “wet blanket” on economic growth. Obama’s entire agenda has been a disaster for the economy, they argue, and if we want conditions to improve, we’ll have to do the exact opposite of what the White House has done.

So, what’s the Republican reaction to the latest GDP numbers, for example?

Nothing.

Note, I don’t mean “nothing” in a colloquial sense, as if they issued press releases that struck me as vapid and meaningless. Rather, I mean “nothing” in a literal sense. I went to the homepages for John Boehner, Mitch McConnell, the RNC, the NRSC, the NRCC, and the RGA. Collectively, they didn’t publish a single word about the striking economic growth.

So, I moved on to Twitter, checking the feeds for Boehner, McConnell, Reince Priebus, the RNC, the NRSC, the NRCC, and the RGA. Again, literally nothing.

Sure, it’s a couple of days before Christmas, so it’s easy to imagine a lot of staffers are away from the office today, but here’s the thing: Republicans are publishing on other topics of interest. They’re just choosing to ignore the strongest economic growth in 11 years.

And I suppose that’s understandable. If I’m John Boehner this morning, I’m not sure what I’d say, either. “Where are the jobs?” obviously isn’t a credible option, and neither is “Obamacare is preventing economic growth.” Republicans have made a series of assumptions about economic policy in recent years, and just like the Clinton and Bush eras, all of those assumptions have turned out to be wrong.

So in this sense, their eerie silence is hardly a surprise. But it’s also unsustainable – as Obama walks with a spring in his step and takes credit for an economic “resurgence,” Republicans aren’t exactly in a position to change the subject (as if they have a subject they’d prefer to talk about right now).

And if the current trends continue – a big “if,” to be sure – Paul Waldman argues persuasively this morning that “it’ll be somewhere between difficult and impossible for a Republican to win the White House in 2016, since the state of the economy swamps every other issue in presidential campaigns.”

What the GOP apparently needs right now is an economic message. At least as of now, that message does not appear to exist at all.

[bblwi]

It is a good strategy for the GOP to say nothing as speaking against the growth and job creation would create more negative aspects than value gained. If I were the GOP I would say nothing about the economy now and wait for the next Dem error which will happen as politics today is made up of countering what is wrong with others and not taking the risks to establish policy and lose voters or money. The GOP won a lot of seats in Congress and governorships but with current trends the voters will want a more Centrist approach to governing and that is not a bad thing in my mind as it can involve both parties.

Bryce

[trappincoyotes39]

Inhave no issues with the economy doing better overall, but pint an accurate picture for sure. Saying job growth is up is only a part of it, I wish they would break it down to FT versus PT and avg wage per hr etc. We need a strong economy and frankly could careless how it takes place or by whom, but PT seasonal jobs is not a real excitement getter or something that will sustain the growth by itself.

[td]

obamacare spending shoved into 3rd quarter to boost GDP. Them gov't number guys are tricky. How many revisions do they get anyway?

Maybe if/when the shale oil boom goes bust, the "journalist" can blame the resulting crash on the GOP. The oil boom had more to do with our apparent economic success than any politician.

[bblwi]

The government gets to change the growth monthly if they care to. Quarterly for sure and they can use UE, quarterly growth, job growth whatever and they have been the same for both parties for quite some time so even if they are political or bogus they use the same data so that trends are what is important to measure not absolutes.
It is looking like the oil boom is busting but the oil shale boom did not raise the economy at all until the energy prices along with other commodity prices declined. A consumer driven economy is based on money available to spend and the confidence of consumers to spend it.

Bryce

[RShaw]

Dec 25, 2014 18:46:24 GMT -6 bblwi said:

A consumer driven economy is based on money available to spend and the confidence of consumers to spend it.

Bryce

Agreed. Confidence is much higher since the midterm elections.

[trappnman]

they have been the same for both parties for quite some time so even if they are political or bogus they use the same data so that trends are what is important to measure not absolutes.

exactly- if you are going to use the data when it's negative, then you also need to accept it when it is positive

congress has like what, an 11% approval rating? thinking reelecting the same, hasn't boosted confidence.

what boosts confidence, is money in the pocket including gas prices going down allowing more expendable income, and JOBs

[trappincoyotes39]

Bryce to think a larger portion has more disposable income in this quarter is well off. food prices and shipping prices are not and will not follow suit with lower fuel prices,mSo we can look at 1.25 per gallon discount as of now on unleaded diesel still high, in a years time would translate into about 1,900-2,000 saved per avg American at most. Translates into 160.00 a month more income on their pockets, depending on prices of goods and services and what they will do along with lower gas prices.

Wee have lower gas prices because of more drilling and refining of fuels and because of that and more people buying better MPG autos combing the two has made an impact on the market. Will we stay here for any length of time? That is the real question time will tell. All That some of our foreign producers need to do is to cut back on production for a period of time and gas prices will rise back up, crude oil is a global traded deal not just North America. Russia and others cut production over a period of time by 20 percent prices will rise back,up. If they do it when some of the refineries are shutting down for seasonal maintenance or switching from winter to summer blends prices will go back up as quickly as they fell.

A friend who ships a few thousand dollars worth of things each year asked the fed ex people with lower gas prices would shipping come back down? The answer was No in fact after the first of the year they are expecting another increase in shipping cost even with lower fuel cost to them.

Tman jobs is a tricky deal again what real motivator does 50,000 seasonal jobs add? The next report on jobs will be interesting we usually get a bump,in the spring on construction workers coming back into the numbers, yet with construction still not doing very well the springtime bump on job numbers might not be all roses.

yes mid term elections has increased consumer and business confidence.

[trappnman]

whatever-

[bblwi]

If you don't feel the economic recovery and growth is real why not tell it to the millions spending the money they did not have discretion to spend a few months or years ago. I don't need to be convinced that we are seeing a change in our economy be it long or short term and for whatever reason but why not work on those you feel are just missing the boat completely and tell them that they are not really better off but just being fooled by the smoke and mirrors. Our increased drilling has not lead to a great surplus of oil. The Saudis continued to pump at full tilt in the face of abundance is lowering the price so that many competitors will not cover costs and that includes the US and Russia as the main targets but countries like Venezuala, Nigeria, Mexico and Canada will suffer considerably as well. Most likely one of the reasons for continued fracking in ND and the region will be the natural gas as the oil costs are above $60 per barrel.
Oil is a lot like fur as when the price goes below a reasonable level or small profit or loss the their is little harvest even of an ample resource. If oil can not be produced at that low of a cost that may also drive alternative sources of energy just as much as high prices do.

Bryce

[trappincoyotes39]

Bryce we shall see what the numbers are for retail sales from Christmas that tells a lot as far as consumer confidence goes. seeing how many stores have better deals after Christmas than before I would say they where not real happy with sales prior to Christmas, those numbers will be interesting.

We get a big share of our oil from Canada so they shall continue on.

Oil drilling has always been cyclic same with gold, the mine in lead ,SD when operating would have great times and not so great times,nothing new for ND either they are used to boom to bust and back to boom times as well. the thing is in today's world boom to bust and back takes far less time than it did years back.

[bblwi]

Oil drilling may be cyclic but oil consumption is not as the difference was made up with imported crude. Yes let's wait on the Christmas data it may not be as big as one might think in a growing economy and that would be especially true if more monies are being spent on autos and other larger purchases typically not associated with the Christmas sales season. Economic growth and job creation show longer time trends than Holiday sales but we will see what the data shows. In a consumer based economy we need to convince consumers to really buy stuff they don't really need as that is how consumer driven economies work and we need to get used to the ups and downs of emotional sales and that will only increase as we manufacture less and create less durable goods and fewer are needed to produce food and fiber.

Bryce

[PamIsMe]

"Confidence is much higher since the midterm elections."

I think that's called making lemonade out of lemons LOL


Cheers,
Pam

[PamIsMe]

"...yet with construction still not doing very well ..."

I don't know about anywhere else but construction is certainly booming in our area. Everywhere you look are big cranes, and plans for more starting in the Spring. It was the same last winter when I was in the southern tourist areas. The new home market may be down, but big construction is not hurting. Our son-in-law is a construction plumber and the company he works for is leaving our area. He's gotten calls at home from 4 other construction companies wanting him to come to work for them whenever he wants to. A very nice tribute to him, and to the fact that construction is booming.

As for oil prices, I think OPEC is just screwing with the US fracking industry. Gas prices have been all over the map the past couple weeks here. $2.35, back up to $2.49 last week, Monday $2.37 and today down to $2.29. Under $2.00 in a good share of the country.


"Translates into 160.00 a month more income on their pockets..."
There again, the people that are making the least money will put any savings they get back from one area back into the economy. Which is good for the economy.

Cheers,
Pam

[trappnman]

construction is booming here as well- and one of our big plants that is worldwide the leader in home fireplaces etc is running 7 days a week to keep up with the demand

[trappincoyotes39]

Bryce gas sales are cyclic to a point. High gas prices results in fewer people traveling and spending money on gas and other things associated with the travel, also many more people buying vehicles with better MPG over the last 10 years, we saw the same thing happen in the late 70's.

Even though future trades like to speculate and artificially make prices up at some pint supply and demand has to take over it is the laws of a free economy.

Pam you have pockets of construction taking place but it is far from booming nationwide. Here on the Kansas side lots of things getting built but that is in and around Johnson county a very well to do county, on the Missouri side? not so much, some building but far,far less and a little road construction being done. St Louis area has more activity but they also create more jobs over that way as well.

The housing market is still on shaky ground, will be for some time.

[trappnman]

of course its not perfect- is that what you are hanging your hat on?

I don't understand the mentality that always wished this country the worst, or always seeking out the darkest negativity possible depending on who is in office.

and then in the same breath, thanks our troops.

[bblwi]

The real question or observation to note when data is being reviewed and researched is what group or groups are moving forward in our economic growth trend? If we are moving more middle and lower middle income families forward that bodes well for a longer trend in growth and maybe a few ticks higher. A few wealthy persons can only consume so much and that does not contribute as much to an economic growth trend as millions of lower income families moving forward. We should recognize this fact from the rapid growth in China. They moved about 300 million people into a middle class in about 10-15 years and sustained 7-10% annual growth while that was happening. They are now in many ways forcing slower growth to avoid rising costs as it will take longer and more money to bring the next 300 million or so into the middle class as more education and infrastructure will be needed to do that. India as well moved millions quickly but have 600 million left in poverty with low education levels that will take much more time and resources to move. The one thing that I see with both of those countries is that they don't take educating their population and training them for granted they do want to move them forward even with the great limitations they have, where we here of become very complacent about training our under used human resources.

Bryce

[trappincoyotes39]

Yes we used to have far more manufacturing in this country not so today . Many jobs are more skilled jobs in this country today.

[bblwi]

We have a goodly amount of high skill manufacturing plants in our area. The lower level manufacturing plants and jobs have left us for the most part. Our tech college routinely trains a lot of the higher skill level manufacturing students and workers. Employment is down but the manufacturing jobs that are left are good compensation type jobs. The county just south of where I live is the 3rd highest manufacturing dependent county in the USA based on percent of gross revenues from manufacturing.

Bryce