Rocking and Rolling? Kingston on the Economy in 2006

Here's Jack Kingston on his blog (found by Capitol Impact), in 7 April 2006:

Despite the critics, it is clear that our economy is rocking and rolling like never before! In fact, the unemployment rate dropped to 4.7 percent, which is lower than the averages of the 1960s, 1970s, 1980s, and 1990s.

It is clear that the economy is continuing to thrive and surge thanks to common-sense Republican policies of lower taxes, less government, and less regulation and red-tape for small business owners and entrepreneurs.

How does Jack's prediction look now?

This week the Republican Treasury Secretary made the nine largest banks in the U.S. an offer they can't refuse to sell shares to the federal government, in other words, to be partly nationalized. At 3PM the bank CEOs arrived, and:

But by 6:30, all nine chief executives had signed — setting in motion the largest government intervention in the American banking system since the Depression and retreating from the rescue plan Mr. Paulson had fought so hard to get through Congress only two weeks earlier.

Oh yes: Jack linked to an article about Nancy Pelosi warning of falling rocks:

Pelosi claims the Bush tax cuts that have led to economic growth are only benefitting a certain segment of the U.S. population.

"With tax cuts for the wealthiest few causing red ink as far as the eye can see, incomes falling, and our jobs moving overseas, the economic record of President Bush is dismal for middle-class families," Pelosi said. "The Bush economy is going in the wrong direction: gas prices are sky-high and health costs are an overwhelming burden for too many Americans."

How are those Republican policies working out now?