Thursday, October 19, 2006

George Will: "Prosperity Against The Gloom"

Or to put it more consisely, "How The Dems Want You To Feel About The Economy On Election Day".


"Economic hypochondria, a derangement associated with affluence, is a byproduct of the welfare state: An entitlement mentality gives Americans a low pain threshold -- witness their recurring hysterias about nominal rather than real gasoline prices -- and a sense of being entitled to economic dynamism without the frictions and "creative destruction'' that must accompany dynamism. Economic hypochondria is also bred by news media that consider the phrase "good news'' an oxymoron, even as the U.S. economy, which has performed better than any other major industrial economy since 2001, drives the Dow to record highs."
It is said that workers' compensation has been stagnant. But to tickle that bad news from the statistics you must treat "compensation'' as a synonym for wages, and then ignore the effect of taxation on individuals' well-being.

Kevin Hassett and Aparna Mathur of the American Enterprise Institute, writing in National Review, say annual wage growth since 2000 has been 0.6 percent, but the annual increase in real hourly compensation, including benefits -- and if you do not include them, why are they called benefits? -- has been 1.3 percent. And taxes -- particularly those paid by middle-class families with children -- have declined substantially."

This is America-- where bad news is good for the Dems, and good news is bad for the Dems.

Is it any wonder they have to resort to fooling people with their mumbo-jumbo in order to get elected?


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