Fantasyland vs. Reality

Bush delivered a >campaign speech in Tampa today:

President Bush said on Monday that, contrary to recent
polls and his Democratic challengers, there is an "undeniable" sense of
economic optimism sweeping the country.
Bush acknowledged during a visit to a Tampa window and door
manufacturer that "a lot of economic growth depends upon the psychology
of the people making decisions all throughout our economy." Bush did
his part on Monday to shape that "psychology." "You can say, 'Well of
course, they just pick the upbeat people.' Well, the truth of the
matter is people are pretty upbeat all over the country. That's what
I'm here to report to you," he said.

A closely watched survey of consumer sentiment was sharply
lower in early February, showing Americans turned increasingly cautious
on the economy. Analysts say weak jobs creation has dampened consumer
confidence despite a strengthening U.S. economy. The University of
Michigan index of consumer confidence slumped to a surprisingly low
93.1 in February, reversing January's hefty rise to 103.8. "A 10-point
drop in the confidence index is significant and suggests there is a new
pessimism among consumers that was not there a month ago," said Chris
Low, chief economist at FTN Financial in New York. "I suspect it has
something to do with three surprisingly weak employment reports in a
row."

Posted by flow Frazao on February 16, 2004 at 12:37 PM | Permalink