Watson Coleman: “I do want to talk briefly about the economy and perhaps from the same perspective. I begin my remarks on the progress of…”

“I do want to talk briefly about the economy and perhaps from the same perspective. I begin my remarks on the progress of the American economy with an observation of H.L. Mencken in 1921. He said: The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led safely) by menacing it with an endless series of hobgoblins, all of them imaginary. Much of the economic commentary we are hearing from the other side of the aisle in the Senate and out on the campaign trail seems to fit this description very well. Among the hobgoblins: that the President is encouraging companies to move overseas; that his tax cuts are intended to primarily help his rich friends; and that this is the worst economy in who knows how long. There is just one problem with these and other claims: The facts. They are alarming for sure, but they are also imaginary. The economy is strong and growing, posing annual growth rates of 8.2 percent, 4.1 percent, and 4.2 percent in the last three-quarters. Jobs are being created, 308,000 last month. The recalculation of job creation the first 2 months in this year is another 200,000. I believe the figure is 750,000 in the last 7 months. Housing sales are at an alltime high level, and so is home ownership. Inflation is low. Mortgage rates continue to be low. I wonder which of these economic indicators the Senator from Massachusetts wants to be less positive.…”