(PNEWS) Remember the Middle-Class?

Submitted by Editor on Sat, 28/08/2004 - 23:15

The joblessness not only increased with Bush, but any job increases were with jobs that do not pay anything and those finding work who have been re-employed have taken jobs paying less. Real jobs have gone overseas. Real unemployment is not counted because so many have given up. And poverty has gone up. The overall poverty figures were just released and they are a disgrace. Millions of people are now impoverished and Bush and his propaganda mill are saying the economy is better. For whom? For big corporations? Halliburton?

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RESH
resh@ATLANTIC.NET
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August 28, 2004

Poverty and joblessness for blacks have also risen with Bush.

"The jobless rate for blacks rose from 7.6 percent in 2000 to 10.8 percent in 2003." And nonwhites "were still 162 percent more likely to be poor than whites in 2002. (David R. Francis, "How the poverty gap fell - and why few are cheering" - March 1, 2004 - http://www.csmonitor.com/)

Professor Neil J. Wollman, (csmonitor.com) says there is another increasing feature of BUSH's New Economy:

"That growing income gap is reflected in another study. Million-dollar houses, uncommon a decade ago, became a rapidly growing segment of housing markets in the 1990s, Harvard University's Joint Center for Housing Studies finds. More than 400,000 exist in the US today, up at least 120 percent from 1989." (csmonitor)

"In the past decade, existing homes have become more expensive, especially in California and the Northeast. And new houses tend to be bigger and more luxurious. A few million well-to-do families can afford these homes, some of them dubbed `monster mansions.'" (csmonitor)

One of 17 homeowners own a luxury home and most are voting for Bush.

"It `reveals the widening disparities between the housing haves and the housing have-nots," states Nicolas Retsinas, center director. "Ironically, in the midst of a shortage of affordable housing, million-dollar homes have become increasingly common.' (csmonitor)

Just to keep up with expenses, people are working longer and more jobs.

"One reason the income gap isn't even worse is that some members of households are working more hours to keep up with their bills. In many cases, both spouses work or one tackles two jobs." (csmonitor)

The report which came out the end of August (Aug 27th) showed that the economy is growing at a slower rate than previously assumed and predicted by the Republicans. The growth rate (GDP - gross domestic product) is 2.8 percent (in the UK, it is 3.7 percent), but the president's men have been putting a positive spin on growth and the bloated trade deficit is all but ignored.

The economy has improved about as much as smog improved in Texas when he was governor of that state. (IT DIDN'T!)

"In embellishing his record in Texas, Bush falsely asserted the environment in the Lone Star State had improved on his watch, and that he was responsible for that. Weeks before entering the 2000 race, Bush remarked, `You've got to ask the question, is the air cleaner since I became governor?' (which is like asking if we're safer since Bush went after Osama bin Laden in Iraq) `And the answer is yes.' But a Washington Post review of this claim concluded, `There is statistical evidence that the air in Texas cities is as foul---and perhaps more so--than when Bush took power in 1995. The frequency of smog alerts in Houston, Dallis, and Austin has risen steeply in the Bush years.' Bush could point to a few categories of pollutants in which emissions had dropped, but there was no overall decline. The Texas Natural Resource Conservation Commission (which was headed by three industry-friendly officials Bush had appointed) maintained that industrial emissions were down 11 percent from 1994 to 1997, but Environmental Protection Agency figures indicated a 10 percent increase. Whichever of these statistics were correct, Texas still ranked first among all states in the number of days with health-threatening ozone levels, first in airborne carcinogens, and first in toxic air releases." (David Corn, "The Lies of George W. Bush" 2003)

"Bush says that making his tax cuts permanent will strengthen the economy and spur more job growth. Kerry, pointing to the sluggish labor market and the loss of 1.1 million jobs since Bush took office, says the president's tax cuts have mainly helped the wealthy and squeezed the middle class." (Associated Press)

Most consumers are not fooled. Their spending is down - which accounts for 2/3rds of economics growth/activity and they are not opening their wallets.

Bush's chief economist (Martin Regalia) at the US Chamber of Commerce says one answer is to give more to the rich. Martin Regalia says the rich spend more. He says they have more so they spend more so obviously that must be the solution to slower consumption. I thought we had this economic debate during the Reagan administration and it was determined then that "trickle down theory" never did work and was just another way to screw the poor and the middle-class (Remember the middle-class?).

Hank

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