No Left-Wing Bias To See Here, Part 735

I think I'm actually going to start keeping track of this stuff, at least when I post it. Take a look at the economy, and one see nothing but good news. Jonah Goldberg posted an e-mail at the Corner form a White House insider, and here's just a little bit from it...

Over the past year nearly 2 million jobs have been created -- and nearly 4.5 million jobs have been added since May 2003, when the job market began its turnaround. The unemployment rate remained at 5.0 percent -- below the average unemployment rate of the 1970s, the 1980s, and the 1990s. The Labor Department report shows that the American economy not only remains resilient in the face of two major hurricanes that did enormous damage to the Gulf Coast region but that, in fact, the economy continues to grow at a remarkable rate.

Today's job figure is not the only encouraging news on the economic front. Here are a few other recent economic data points that underscore that the American economy is a wonder of the modern world:

· The U.S. economy grew at a robust 4.3 percent annual rate in the third quarter, the best rate in more than a year. Economic growth has been remarkably steady and strong over the past two-and-a-half years -- and the economy has now grown 3.3 percent or more for 10 straight quarters.

· Gas prices have dropped 30 percent since September (from $3.07 per gallon to $2.15 per gallon).

· Inflation was lower than projected. The consumer price index rose at a 3.6 percent annual rate, and core inflation was at its lowest level in more than two years.

Now, it's fair to say the Bush Adminstration hasn't done a good job tooting its own horn about this news. As someone on the radio noted the other day, Bill Clinton would be holding daily cermonies in the Rose Garden to commemorate some new tidbit of economic news ("Hell, the Dow's getting close to 11,000 -- maybe we can celebrate that! Someone get Monica in here to help me think!")

Of course, it might be easier to do this if the news media didn't react to each piece of good economic news by trying to let us know why it's depressing. The left-wing dishrag tells us not party too much...

Gasoline is cheaper than it was before Hurricane Katrina slammed into New Orleans. Consumer confidence jumped last month and new- home sales hit a record. The stock market has been rising. Even the nation's beleaguered factories seem headed for a happy holiday season.

By most measures, the economy appears to be doing fine. No, scratch that, it appears to be booming.

But as always with the United States economy, it is not quite that simple.

For every encouraging sign, there is an explanation. Consumer confidence is bouncing back from what were arguably some of its worst readings in years. Gasoline prices - the national average is now $2.15, according to the Energy Information Administration - have fallen because higher prices held down demand and Gulf Coast supplies have been slowly restored.

The latest reading on home sales, released yesterday, contradicts most recent measures of housing activity, which generally indicate a slowdown. And, yes, manufacturers' fortunes are on the mend, but few besides airplane makers are celebrating.

It all means the economy is likely to end the year with a splash. But before you splurge on a new car, consider this: Many economists do not expect the party to continue, especially if the Federal Reserve continues taking the punchbowl away and raises interest rates. That could further slow the housing market, damp consumer spending and crimp corporate profits.

I'd love it if someone could go back to the dishrag in the late 90's and find such "cautionary" articles about good economic news. My guess is that they would be missing.