Misreporting on the economy

Original Article

Larry Elder

Forty-seven percent of Americans, according to a recent poll, believe the economy is doing "badly." Or, as a woman I encountered at a party recently put it, "Bush put the economy in the toilet." Really?

The feds just revised upward – again – the economic performance of the last quarter. From January through March 2006, the economy grew at a rate of 5.6 percent – higher than any in the last two and a half years. Despite recent inflation scares, inflation remains low, at a 2.1 percent core rate. Unemployment, at 4.6 percent, represents a lower rate than the average during the '60s, '70s, '80s and the '90s. Since August 2003, the economy has created more than 5.3 million jobs.