- American troops believe they are accomplishing something noble in Iraq.
- The U.S. economy has been strong and robust.
About Snow's point #2:
A recession/adjustment is inevitable. Economic growth cannot go up without end. Adjustments must happen.
However, excepting the 5 year period immediately after WWII, we've just come through the greatest 5 years of economic growth since economic stats began to be recorded. We've been victim of a media bias which would lead with headlines such as: Lowest economic growth in 4 years. Really? So, the economy was white hot, it slowed to merely hot, and this is how you reported it?
Yes - that's exactly the way they've reported it since the day Bush took office. When Bill Clinton was running for re-election in 1996, media famously trumpeted the wonderful low unemployment rate of 5.5%. Bush took the unemployment rate much lower, where it stayed for years. Currently, I can't turn on the TV without someone bemoaning a bump to a 5% unemployment rate which is still 1/2% lower than Clinton's wonderful rate of 5.5%.
Matt Taibbi (ignorantly - I doubt he knows any better) combined both this exact reporting trick and this exact economic ignorance: after Snow said we experienced 52 consecutive months of jobs growth, Taibbi rejoined that we now have the highest unemployment rate in 5 years. True. So? Crier then intuits that our current 5% unemployment rate will one day be noted as a trigger/harbinger of a recession. Both Taibbi and Crier are sure of themselves, and both Taibbi and Crier are ignorant about this subject.
Tony Snow takes on the world: