Eugene Robinson at the Washington Post thinks we have a “bauble economy” — its all just a “giant Ponzi scheme.” The facts just keep contradicting him. Today, the Bureau of Labor Statistics reported that “employment grew by 215,000 in November.” On Wednesday, the Bureau of Economic Analysis revised our national GDP for the 3rd quarter upwards to 4.3% from an initial estimate of 3.8%

On the astonishing job creation, from CNNMoney.com:

“This is another affirmation that we’ve gotten over the shock of the hurricanes and the economy is back on track to where it was before,” said Mark Vitner, senior economist with Wachovia Securities.

The gains were broad based, with construction adding 37,000, manufacturing payrolls growing by 11,000 and business and professional services adding 29,000. The retail sector added just 9,000 jobs, although those numbers are seasonally adjusted for the holiday shopping season.

“Today’s employment report also has sustainability written all over it,” said Anthony Chan, senior economist with JPMorgan Asset Management, noting strength across the economy.

On GDP (”the output of goods and services produced by labor and property located in the United States”), again from CNNMoney.com:

The economy shook off Hurricane Katrina and just about every other obstacle in the third quarter, growing at the fastest rate in a year and a half and topping even the most optimistic forecasts…

The revised reading was the fastest pace of growth since the first quarter of 2004 and well above the 3.3 percent rate of growth in the second quarter.

The growth came despite two major hurricanes that slowed economic activity in the quarter, energy price shocks, higher interest rates and a record trade deficit in September, which subtracts from GDP.

“I think if you would have excluded the hurricanes, you would have been talking as much as 4.7 percent,” said Anthony Chan, senior economist with JPMorgan Asset Management. “I don’t think anyone would argue 4.6 percent.”

The report also showed inflation largely in check, even creeping backwards.

Shhwweeeeeet. Superb output, job growth, and controlled inflation — plus decent stock market performance. I haven’t heard the term “Goldilocks Economy” since the bubble burst in the late 90s, but I have a feeling we’ll be hearing it soon again.