Economy

If "people vote their pocketbooks," as political folk wisdom holds, then George Bush should win the presidency in a cakewalk. By most conventional measures - plentiful jobs, steady growth, a low inflation rate - Bush's Republicans can claim to have delivered prosperity in the Reagan-Bush era. And claim it they do. "The focus of our campaign is, we've done a good job," said Mark Goodin, a Bush campaign spokesman. "We delivered on a record we can be proud of. " In 1988, the politics of prosperity are not that simple, of course.

President Reagan, trying to prevent a panic stemming from the record stock market plunge, said yesterday, "There's nothing wrong with the economy. " But the Wall Street crash emboldened Democratic leaders in Congress, who said the administration must shoulder the blame for the unprecedented market decline. As the dimensions of the market tailspin became apparent yesterday afternoon, Reagan and top administration officials sought to calm financial unease with statements that the 508.32-point decline in the Dow Jones industrial average did not reflect underlying problems in the nation's economy.

Hours earlier, they made history by voting to give President Bush the power to wage war on Iraq. But top congressional Democrats could not change the subject fast enough yesterday. The new topic: the economy. The reason: politics. Democratic leaders have worried that Iraq's domination of the news would give an edge to Republicans - who are viewed by voters as stronger on national security - before the Nov. 5 elections that decide which party controls the House and Senate.

The National Bureau of Economic Research. . . made it official Monday: The United States ended its record 10 years of economic growth in March and the nation has since been in a recession.Remember, though, the news Monday largely was not a prediction of the future, it was an analysis of the past. It is too soon to know for certain if a recovery is already under way. - Editorial, Chicago Tribune, Nov. 27

The U.S. economy has stalled and might be headed toward a period of anemic growth that could raise unemployment and push interest rates even lower. A weak federal unemployment report yesterday capped a week of mostly bad economic news, confirming that the winter's recovery slowed in the spring and nearly stopped in July. In Pennsylvania, New Jersey, and the nine-county Philadelphia area, yesterday's jobs data were troubling because they showed that many people had given up looking for work.

A recurring question is, "Where will the winner of the presidential election take the nation?" A ton of silliness is packed into the verb "take. " What is this nation, a parcel that presidents can pluck up by the twine wrapped around it? Talk about presidents "taking" the country hither and yon is part of the foam on a presidential election. Such talk is particularly pernicious when it concerns the economy, as in the common polling question about which candidate would be better at "handling" the economy.

The Inquirer began a 10-part series last week entitled "America: Who Stole the Dream?" that will attract attention. The thesis is simple: Big Government and Big Business are relentlessly reducing living standards and job security for most Americans. The series by Donald Barlett and James Steele portrays living in America as a constant hell for all but the superwealthy. This seems overdrawn, because it is. It's junk journalism, and the intriguing question is why a reputable newspaper publishes it. I call it "junk," because it fails the basic test of journalistic integrity and competence: It does not strive for truthfulness, however impossible that ideal is to attain.

While moving toward war with Iraq, President Bush yesterday sought to underscore that he was not ignoring the slumping economy. In a 40-minute interview with reporters from around the country, he touted his plans to cut taxes, curb corporate abuse, and shore up health care. "I'm optimistic about this economy, I really am," Bush said. "I think the underpinnings for growth are solid and sound. But we've got work to do, so I'm going to work hard with the Congress, and I'm also optimistic about the Congress hearing from the people in getting this package that I proposed passed.

I got a hole in my shoe," said Slats Grobnik, "but I don't know what to do about it. " What are you talking about? Your choices are simple. Get a new pair of shoes or get the old pair resoled. "Not that simple. I wanna do what's best for the country. " What does a hole in your shoe have to do with the well-being of this country? "See? You never did know nothing about economics, did you? The hole in my shoe is what this recession is all about. " Your shoe? "It works this way. If I go out and buy a new pair of shoes, I'm gonna be spending money on consumer stuff, right?

MANCHESTER, N.H. - Pastor Max Darbouze, a U.S. citizen born in Haiti and now a pastor at Grace of God Church amid the three-story working-class apartments on the east side of New Hampshire's largest city, showed up an hour early for the Newt Gingrich town hall yesterday because he wanted to learn one thing. It was a rough Christmas at Darbouze's church, with more toys doled out to poverty-stricken families than ever before, and even nonmembers walking in off the street begging for cash donations.