But Fred said the economy is doing great

by twit

How could this be?

McClatchy reports on September 5, 2008:

Employers shed jobs in August for the eighth consecutive month, and the unemployment rate shot up to a higher-than-expected rate of 6.1 percent, the Labor Department reported Friday.

The jobs numbers released by the Bureau of Labor Statistics point to continued slow growth. On top of this week’s Wall Street volatility, the continuing housing crisis and weak retail sales, many economists are again suggesting the U.S. economy may be on the brink of recession.

“The spike in the unemployment rate to 6.1% and the eighth month of continued job losses confirm that recessionary conditions persist in the labor market. Working families are in real trouble,” said Jared Bernstein, EPI senior economist for the liberal Economic Policy Institute.

But Fred Thompson said

what we’re doing at this convention is also important to our country, because we’re going to nominate the next president and vice president of the United States of America. (Cheers, applause.)

We do so while taking a different view of our country than that of the other party. Listening to them, you’d think that we were in the middle of a Great Depression — (laughter) — that we’re down, disrespected, incapable of prevailing against challenges that face us. Now, we know that we have challenges. Always have, always will. But we also know that we live in the freest, strongest, most generous and prosperous nation in the history of the world and we’re thankful for that. (Cheers, applause.)

We’re supposed to laugh at the hardship faced by working families.  C’mon everybody, point and laugh at hard working Americans, it’s the Republican way!

update: via Bloomberg, by way of Wonkette:

Foreclosures accelerated to the fastest pace in almost three decades during the second quarter as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn’t refinance or sell.

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One Response to But Fred said the economy is doing great

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