Leftist Meme: "The Broken Economy"

Maybe this is a bit of a layup, but Oliver Stone displayed his economic acumen today in decrying the war in Iraq:

There was an over-reaction after 9/11. Bush was given enormous powers and misused them. He created a war in Iraq that has further helped bust the economy, and has led to civil war there.

Bust the economy? You mean this economy that Dick Green at Briefings.com wrote about?

Economic Boom and Record Profits: Second quarter real GDP was reported this morning to have grown at a 3.4% annual rate. Consumer spending and business investment were strong. In fact, the increase would have been 5.8% were it not for a temporary swing in inventories. The data are very strong.

This follows a 3.8% rate of increase for real GDP in the first quarter, 4.4% growth for 2004, and about 6% growth in the second half of 2003. That is two full years of GDP growth well above long-term trends of 3.1%.

That period of strong economic growth has been accompanied by an almost 30% increase in the S&P 500 index. There is more to come, both on the economy and the S&P.

All of the data suggests that real GDP will continue to grow at a very strong pace in the second half of the year. Every aspect of the economy is running near full throttle: consumer spending is very strong, business investment is booming, industrial production is at record levels, the housing market is on fire, and nonfarm payrolls are up about 3.2 million in the past year and one-half. High oil prices, a fluctuating dollar, rising interest rates, high federal deficits, and terrorist attacks have not slowed the momentum. There is every reason to expect real GDP to continue to grow at a 3 1/2% to 4% rate in the second half of the year.

In case all these macroeconomic factors are a little over Oliver's head, here are some more signs of economic bust in the stock market:

The S&P is poised to post its fourth straight weekly gain. It enters the day up about 10 points for the week. It is at a four year high. If you are looking for a reason, look no further than the booming economic numbers and record corporate profits.

I can understand Oliver's confusion. After his last film (Alexander) grossed less than the released home-video, porno with Fran Dresher, I'd probably think the American public was broke too.

Anyway, intentionally or unintentionally, I hope Bush keeps "busting" our economy like he has been.