Economy boom???

The good news:

"The economy sprang out of a year-end rut and zipped ahead in the opening quarter of this year at a 5.6 percent pace, the fastest in 2 1/2 years and even stronger than previously thought."

The bad news:

"In a separate report, the Labor Department said that new claims filed for unemployment benefits last week rose by 4,000 to 313,000 — a bit more than economists were expecting."

And...

"Job growth lost momentum heading in the summer. Employers boosted payrolls by just 75,000 in May, the fewest new jobs since October."

The ugly:

"...companies’ profits continued to grow briskly. One measure of after-tax profits in the GDP report showed profits rose 13.8 percent in the first quarter. It was the second consecutive quarter of such strong growth."

So to recap, the GDP gains 5.6%, but unenployment claims have risen, and job growth is down, but company profits are soaring 13.8% in first quarter. I'm not Allen Greenspan, but it seems to me that the rich are getting richer and the poor are getting poorer. Guess I'll just have to listen to Tony Snow, he knows the facts.