What Recession?

Recession On Hold-- Poverty & Unemployment Decline During Bush Years

And, it looks like the recession is once again on hold. 

The economy grew by a very respectable 3.3% in the second quarter of this year. 
Yahoo Finance reported: 

The economy shifted to a higher gear in the spring, growing at its fastest pace in nearly a year as foreign buyers snapped up U.S. exports and tax rebates spurred shoppers at home. 

The Commerce Department reported Thursday that gross domestic product, or GDP, increased at a 3.3 percent annual rate in the April-June quarter. The revised reading was much better than the government's initial estimate of a 1.9 percent pace and exceeded economists' expectations for a 2.7 percent growth rate. 

America's North Shore Journal reported: 

The average poverty rate for all Americans for the first seven years of the Reagan terms was 14.2%. For the first seven years of Bill Clinton's terms, it was 13.6%. Under George Bush, the average poverty rate for 2001-2007 is 12.4%. 
Bubba didn't mention this in his speech here in Denver last night. 

More... David Harsanyi explained today why it's no wonder Dems didn't want former President Bill Clinton to speak on the economy this week. The growth during the Clinton years was due to free market capitalism and not populism, or isolationism. 

The jump in claims that began in the middle of July can be attributed to the government's extension of jobless benefits under the spending bill signed by President George W. Bush in June. The government hasn't been able to quantify the program's impact on initial claims. 

The unemployment rate among people eligible for benefits, which tends to track the jobless rate, rose to 2.6 percent from 2.5 percent. Thirteen states and territories reported an increase in claims, while 40 had a decrease. These data are reported with a one-week lag. 

To contact the reporter on this story: Timothy R. Homan in Washington at thoman1@bloomberg.net