Even his Wealthy Base may not be happy!
For some time I have pointed out that the economic growth that Bush has been claiming credit for is a mirage to the vast majority of Americans. Bush points to higher GDP, the stock market and healthy corporate profits. To the average American they see a DROP in Average weekly wage during the past two years and NO growth in the past five years. They now are faced with skyrocketing energy costs that are now showing up is sluggish sales at lower end stores. However the high end stores are doing a booming business because the wealthy are the only group that is not impacted by the higher energy prices.
Now the stock market is down over 600 points, and inflation is beginning to be a problem. There is an indication that the Fed will counter the inflation with even higher interest rates and the real estate market is cooling. Mortgage brokers have been lying off staff and the few bright lights that Bush has been pointing to are dimming. Projections for GDP growth for the balance of the year is much lower and consumer confidence has taken a nose dive.
All this with a Federal Budget Deficit in the $600 Billion per year range and the prospects for the future that is troubling at best. Airlines are in trouble, independent truckers are having real problems because of the higher fuel costs and the U S Auto makers continue to slide. The trade deficit is over $800 Billion with no prospect for a solution. Hanging over all the Bush policies is the disaster called Iraq.
Like so many issues with this administration, the consequences of the policies we have been following are coming to light. In time both the wealthy and not so wealthy Americans will understand what mistakes were made in the elections starting with 2000!