The AP goes on to report other good economic news, including personal income growing "at a nice clip of 0.5 percent" and factory orders up "a solid 1 percent."Consumers rediscovered their appetite for shopping in June, boosting spending by a strong 0.8 percent. It was fresh testament to the economy's momentum as it headed into the third quarter.
While you and I may cheer the news, it must be a tough day for Princeton economics professor and NY Times columnist Paul Krugman.
Krugman keeps assuring his readers the economy is really in bad shape, mostly because of President Bush and his policies. They appear to believe him.
But Krugman’s got to know that time is running out on him. Even the most faithful NY Times readers start to catch on eventually. And the economic news has been good for years.
So what's Krugman to do? I don't know, but he always comes up with something.
Maybe this time Krugman will claim America's economy would be about like France's (11 percent unemployment, stagnant GDP growth, etc.) if we, like the French, put family and vacation time ahead of economic pursuits.
Whoops! That's right; Krugman’s already made those claims in a recent column.( Times registration, free, may be required)
Well anyway, I'm sure the former Enron consultant will think of something.
Bonne chance, Paul.
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