He was citing the federal budget deficit drop to $248 billion for fiscal 2006, the smallest in four years, and less than 2 percent of GDP. At lower tax rates, the economy is expanding and revenues are soaring. Bush believes that the GOP can still hold Congress if they focus on the economy and national security. I don’t know if he made the sale to the electorate, but it was certainly better than what Dennis Hastert had to say yesterday in his goofy news conference in front of a graveyard in Illinois.
Perhaps Mr. Hastert feels connected to that graveyard, I don’t know. But instead of talking about the botched management of Mark Foley’s predatory sexual practices, Mr. Bush correctly moved to erase Hastert’s political image and get the GOP back on message.
Of course, there are big problems in Iraq, Iran and North Korea. And quite frankly, I’m really not 100 percent certain exactly what American foreign policy is in those areas. What I do know is that the economy is still the greatest story never told. And Mr. Bush is correctly urging Republicans to tell the story.
The Dow Jones today climbed back from a 30-point loss following Bush’s press conference. And recent economic reports on retail sales, manufacturing, services and jobs reveal that the economy is still on solid ground. What’s more, gas prices continue to ease at the pump.
The 100 million strong investor class may turn out to vote in higher than usual numbers as their October portfolio statements YTD show a better than 10 percent rise in their holdings.
It may not be the Goldilocks Congress, but the solid economy and stock market is something to crow about.
