This week Secretary Paulson said the U.S. Economy was just fine. NOTHING could be further from the truth and we again see the White House SPIN DOCTORS at work. Paulson points to the continued creation of jobs but he does not acknowledge that those newly created jobs are paying substantially less then the jobs that were lost. He does not acknowledge that almost 14 Million Home mortgages are in danger or that mortgages companies are in danger of failing including the nations largest which holds 20% of ALL home loans. He does not acknowledge that personal debt is at an all time high and people are falling behind on their credit card payments. I guess he has also not looked at the Stock Market this past month. Heating oil is also predicted to be higher this winter.
He has not acknowledged that low end retail sales are falling and even Wal-Mart sales have not kept up with inflation. Why did the Federal Reserve cut interest rates by ½ % in the middle of their monthly cycle? There are VERY fundamental problems with the U.S. Economy and to have the Treasury Secretary say all is just great with the economy is wrong. This White House substitutes SPIN and politics for truth and reality.
Lou Dobbs asked the question on Friday if his viewers believed the Treasury Secretary about the U.S. Economy. 95% said they did not believe the statements made by the Treasury Secretary. The last good Treasury Secretary was Paul O’Neil. He told it “like it is” and Bush fired him two years into his first term. The Bush administration is just about the most dishonest and ineffective administration in the history of our Republic. I guess they mirror the attributes and abilities of the President!