December 13, 2005
"[Jack] Welch told Fox News Channel that President Bush has much to be proud of with regard to the economy, but he has to get out there and sell himself - and his accomplishments - to the American people to let them know about it. 'President Bush put a tax bill through that supported capital formation and risk taking,' Welch said. 'We’ve created 2 million jobs a year after the 9/11 attacks. That’s a remarkable accomplishment. Bush has to get out there and talk about it.' Despite the recent natural disasters, such as Hurricanes Katrina, Rita and Wilma, the U.S. economy continues to grow, and the stock market seems to weather every storm.'" In fact, last week the stock market was -- well, not at a record high but, I mean, it was at ten seven, the Dow Jones industrial average at 10,700 something. "Welch certainly noticed" all this. "Most business people have noticed. Investors noticed. But, according to the recent polls – which show the president’s approval rating at its lowest level of his presidency – the majority of Americans have not been persuaded of the 'good news economy.'" Now, you know why this is. This is very simple. This is one of the most remarkable phenomena that I recall experiencing as host of this wildly successful program and it is this: We could be in the middle of an economic boom; I get phone calls from people, "Yeah, I'm doing okay, Rush. I am just doing fabulous. But I'm worried about my neighbors."
"Why are you worried about your neighbors? Is the Meals on Wheels showing up at their house every day? What are you worried about?"
"Well, I just see the news on TV and the economy's not doing all that well. People are this and that. I'm just worried about my neighbor."
"Well, do you know that they're doing badly or are you just worried about them?"
"No, I'm doing okay," and then there's some guilt associated with it. So most people's perception of their own economic circumstances are fine but all this negative news makes them think everybody else out there is, you know, eating dirt. They refuse to feel good about it because they think they're going to feel guilty.
I believe the same sort of phenomenon is happening in Iraq, that individual Iraqis feel they are doing well, but they keep hearing about bombs and insurgency, so they think the country is not doing well. I know it's not a perfect comparison, the US economy and the situation in Iraq, but my husband and I couldn't help but notice the parallel.
Anyway, the whole ABC poll is worth a read.
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Posted by: Beth at December 14, 2005 10:15 PM (5I8b6)
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