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.
Right now, the President is a Republican. That mean that even the most encouraging indicators must be reported with caveats. Mustn’t give the impression that a Republican President is responsible for anything good.
But when the President is a Democrat, that’s different. Then the news is all good. The economy is booming even if the indicators are down. Businesses like Tyco and Enron can cook their books with impunity, the dot.coms can generate millions in bubbles, fat bundles of Chinese cash can show up at White House “coffees” and the White House staff can wile away the hours thumbing through FBI files on their opponents. None of this will effect the reporting when the President is a Democrat. It will be reported on page C17 if at all, and then only with the warning that these are only allegations of enemy politicians, members of a “vast right-wing conspiracy”.
Things are always better when the President’s a Democrat, or so we’re going to be told.