11/04/2003

Lots of "old Democrats" think Dick Gephardt is the real deal because he has made very forceful statements on Iraq. But all you have to do is read his latest rant on the economy to know that the "old Democrats" are dead. Anybody who compares this economy today that has 6% unemployment to the 25% unemployment rate during Great Depression is not in touch with reality; BTW the 25% doesn't cover the fact that there were very few women in the work force at that time, and no hope for work. When a man lost his job there was no family income. And talk about Deflation? Prices fell 42% between 1928 and 1933, nobody could make money and business start ups were almost zero. Most of us who went to college between 1950 and 1996 were taught that 6% unemployment was zero. Anything lower than that would blow the lid off of inflation; it is only after the Clinton "bubble" or boom that we see that we can get real close to 3% without causing inflation. Gephardt is not the ideal candidate, he is just a union guy mouthing the union line.

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