Polls show that most people are misinformed about the state of the economy, thinking it is in bad shape. Don't know who's to blame, but most people get their news from ABC than from any other source (and CBS and NBC). Kinda reminds me of that poll that said that Fox News viewers held incorrect views about the War on Terror™, and then blamed their misunderstanding on Fox News. Anyway, Senator Zell Miller (D-GA), drew a comparison between today's economy and to the economy that got Clinton reelected in 1996:
Back then, the average monthly number of new jobs in 1996 was 233,000. Today it is 238,000. Back then, six months out before the election, the unemployment rate in 1996 was 5.6 percent. Today it is the same, 5.6 percent. During the first six months of 1996, 60 percent of new jobs paid higher than the average. Today, again, 60 percent of new jobs pay higher than the national average.Sure, Zell Miller appears more like a Republican than a Democrat these days, especially since he supports Bush for reelection, but, as Foghorn Leghorn used to say, "Figures don't lie."
Now there are other parallels, but there are also some figures today that are even better. In 1996, six months out before the election, 65.1% of Americans owned their own home. Today an historic 68.8% of Americans own their own home, including, by the way, for the first time ever a majority of minorities.
The one striking difference between these years, 1996 and 2004, are the challenges that this President has had to overcome. Most economists agree that in 1992, Bill Clinton inherited a growing economy. In 2001, President Bush took on an economy that was headed into recession, a high tech bubble that burst, and terrorist attacks that struck at the heart of our economy.
In the face of these challenges, the President's strong and steady leadership has helped our economy grow for ten straight quarters, and today our economy is growing at the fastest rate it's grown in 20 years.
Now we hear a lot of pessimism from John Kerry about the economy when he's out on the campaign trail. While he praises the Clinton economy, he also compares our current economy to the Great Depression. Folks, I lived during the Great Depression, and this ain't it. This kind of rhetoric from Senator Kerry is disconnected with the reality of where we are. It is disconnected on what we have been through, and it also does a great disservice to the American people.
