DOW Jones Avg... 7,000 to 14,000

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Back in 2002 the Dow Jones Average was at 7,ooo and this was just after the confirmed Clinton recession and the effects of the attacks on 9/11. Today it broke into new territory at 14,000 but yet coverage on the great economy has been lacking. Our local paper here the Staunton NewsLeader has always gone to great lengths to avoid giving President Bush any "Positive" acknowledgement or credit when they can but its getting harder and harder to avoid the great economy we now have...

The NewsLeader has instead focus on more pressing issues and always looking to take a swipe at the President and they managed to do it again today in their editorial page. Their editorial was talking about the waste of money spent to maintain ICE in a ready status to respond to disaster events such as hurricanes. Now last year it was predicted that we would have more MAJOR hurricanes then the year of Katrina but little evolved. Thats another story, but the NewsLeader was able to end their editorial with a cheap swipe at the President with the following: "Unless — unless we could be missing something here ... could this have been the Bush administration's secret plan to combat global warming? It's a chilling thought" ...
http://www.newsleader.com/apps/pbcs.dll/article?AID=/20070717/OPINION01/707170307/1014/OPINION

But lets take a look at this economy that the NewsLeader seems to be avoiding. Donald Lambro of the Washington Times had a good article about this and the shrinking defecit that we have but gets little attention from the media.

"The Office of Management and Budget announced last week that the annual deficit, estimated at $400 billion just a few years ago, will be $205 billion by the end of this fiscal year (which ends in September). "

But remember back before the Bush taxcuts went into effect all of those who claimed reducing taxes would only result in a shortfall for government revenues?

"These are the same people who said President Kennedy's tax-rate cuts would lead to years of red ink and all sorts of economic dislocations when, in fact, they led to a budget surplus by 1969 and a much stronger economy. "

Wait. I thoughe JKF was a Democrat? Did he understand the value of lowering taxes to improve the economies growth?

"The same people said President Reagan's tax cuts would wreak havoc with the government's fiscal solvency, weaken the economy and worsen inflation. But the economy came roaring back after the worst recession since the Great Depression, inflation abated, the deficit eventually began to come down and we ended up with budget surpluses in the 1990s."

And they came out of the woodwork once again when President Bush proposed his tax-cut package, back when the Dow was at 7,000...

"And the same people said President Bush's tax cuts would produce a long-term fiscal disaster and deficits as far as the eye could see. In fact, the well-timed tax cuts pulled the U.S. economy out of its sharp decline in the aftermath of the September 11, 2001, terrorist attacks, and the resulting economic growth they triggered has produced steadily rising tax revenues that have steadily eaten into the deficit year after year."

Now some have claimed this is just a "Bump" and there is no real growth...

"A resurgent economy has been expanding for 22 consecutive quarters with a growth rate (GDP) that has averaged 2.9 percent a year since Mr. Bush came into office. "On an inflation-adjusted basis, the economy is now more than 16 percent larger than in 2001," OMB reported."

And don't forget the un-employment rate...

"Since the Bush tax cuts fully took effect in 2003, the American economy has created more than 8.2 million new jobs, cutting the unemployment rate to 4½ percent. That rate, by the way, is on average lower than the rates for the 1960s, 1970s, 1980s and 1990s, OMB says."

The good news is that it appears the growth will continue but unfortunately this also puts more of our tax money into the hands of the politicans to spend. Not a total bad thing if they spend it wisely like taking care of the Social Security problems but let's wait and see on that one...

"Here's a startling fact that puts these numbers into sharper perspective: The economy has had the longest stretch of nonstop job-creation growth since June 1990. That's why federal tax receipts have risen by more than 37 percent over the last three years and will grow by another 7 percent this year."
http://www.newsleader.com/apps/pbcs.dll/article?AID=/20070717/OPINION01/707170307/1014/OPINION

Now chances are you still will not see anything about the positive economy in the editorial pages of the NewsLeader but be sure to look for the positive comments on the "John Edwards (D) Poverty Tour" and how it's all the Presidents fault...