Voodoo Economics by George W. Bush
To all that still claim the economy is good better take another look. The Real Estate market is in turmoil. Mortgage companies are teetering on collapse. Consumer purchasing is dropping even at low end retailers like Wal-Mart. The stock market has dropped 10% in a month. Personnel debt is at an all time high and GDP growth is way down with the prospect of showing little or no growth in the months ahead. All this and a continuing annual budget deficit in the $400 Billion range.
How can this be taking place given the economic boom that Bush and the GOP tell us is taking place in America? The truth is that the trickle down Voodoo supply side economics of the Bush administration is a sham.
Middle and low income workers have been under more pressure from stagnant wages and inflation in areas that the average consumer can not avoid. New jobs are paying less then the jobs workers have lost and more people must pay more or all of their health care cost. This together with mortgages that were designed to give the illusion that people could afford homes that fundamentally they could not afford has caused what we see - an economy that is in real trouble.
The irony is that the stock market which is showing the impact of the basic economic weakness and the danger from massive mortgage collapse is impacting the one economic group that had been the only benefactor of the Bush/GOP economic policy - the wealthy. In the past month those that own 90% of the securities traded on the Stock Market have scene their holdings drop about 10% because the middle and low income segments have not done well under the economic policies Bush and the GOP controlled Congress has followed.
I can not wait to see how the Bush Spin Doctors explain what is taking place in the economy!