Why the Media/Political Elites Are Shocked About Bush & the Economy...But No One Else Is

On ABC's "This Week" this past Sunday, Sam Donaldson made a comment that echoes a lot of what elite journalists say. "The economy does seem to be perking along," he said. Then he lamented that, "Things look pretty good economically at the moment, and [the President] is getting no credit for it whatsoever." It doesn't take a rocket scientist to understand why Donaldson and other elite journalists/politicos think everything is just great -- because for them, it probably is. But for the rest of us, it really isn't.

Yes, many of the macro statistics like corporate profits and GDP growth are up. But right under the surface, things aren't fine. Wages are stagnating. Thousands are losing their pensions, and millions more are at risk of losing theirs. As outsourcing grows, so does job insecurity. And even the stats that the President always brags about are deceptive.

Case in point is home ownership. The White House is always talking a great game about how home ownership is up. But right underneath that talking point is some very disturbing news. Check out what USA Today reports today:

"Nearly 70% of Americans own their homes, a record high, but the rate of homeownership for working families with children is lower than in 1978, according to a study being released Wednesday by the Center for Housing Policy...A key problem, says says Nicolas Retsinas, director of the Joint Center for Housing Studies at Harvard University, is that 'the labor market in our economy produces lots of low-wage jobs. There is an incredible disconnect between the housing market and the labor market.'"

So while Donaldson may be unable to understand why no one is giving Bush any credit for the supposedly wonderful economy, the answer is obvious: things may be great for those at the top, but they are bad and getting worse for everyone else.