President Bush has been going to community after community telling Americans that the economy is improving. Remember his earlier claim, "we are turning the corner" In many of the states he visits with this message, workers can not find work or if they can it is at a pay level far below their old job. Millions of American workers have lost their health benefits since President Bush took office. In fact, the example Mr. Bush points to most often is the creation of jobs by small business. These are the employers who very often do not pay a living wage and do not include health benefits to their workers. That is not to say small business is not a good thing but it is far from the only answer to our economic needs!
Two weeks ago Alan Greenspan, the newely reappointed Chairman of the Federal Reserve said, the economic expansion had, " regained some traction" The next day the Bush administration announced retail sales fell 0.3% in August. The Leading Economic Indicators dropped for the third month in a row and the Stock Market, a leading economic indicator, fell below 10,000.
Bloomberg News reported the reasons why GDP only grew at 2.8% in the second quarter include the following:
There's too little consumer savings
There's too much consumer debt
The budget deficit is too large
Oil prices are too high
Health-care costs are too high
Wage growth is too slow
The trade deficit is still unsustainable
The stimulus from the tax cuts and mortgage refinancing is fading
The consumer is tapped out
Corporations are cautious
Good jobs are going overseas
Fiscal policy (of Bush) is misguided
Anyone looking at these facts and comes to the conclusion the economy is moving in a direction that is benefitting the vast majority of Americans, will follow the white rabbit with the gold pocket watch down the hole.