The Straight Truth About the Bush Economy
[Guest blogger and American Progress senior fellow Gene Sperling was President Clinton’s National Economic Adviser.]
In evaluating President Bush’s recent speeches aimed at talking up the economy to the 63% of Americans who view it as either “bad,†“very bad,†or “terrible,†I would describe the different parts of his speech as “appropriate,†“unwise,†and “downright misleading.â€
I think it is appropriate for the President to want to tell the 43% of the public that thinks that we are in an actual recession that we have had solid GDP and investment growth over the last couple of years. I also think it is appropriate for the President to honor our nation’s entrepreneurs, to remind people that globalization has upsides as well as downsides, and to take an optimistic tone in discussing the future.
I think it is unwise, however, to fail to acknowledge that much of the pessimism in the economy is not, as I wrote last August, a mystery we need Sherlock Holmes to solve. As Paul Krugman put it so well in his Monday column, “Americans don’t feel good about the economy because it hasn’t been good for them.â€
But it’s downright misleading to ignore the economy’s weaknesses so the White House can falsely claim their fiscally reckless tax policy is an unequivocal success. When it comes to economic policy, President Bush is like the football coach with a 4-12 record who wants to tell you how his strategy has led to the four victories while pretending he has had an immaculate season. So if the President wants to claim his tax cuts have been the primary cause of our current economic performance since the end of the recession in November 2001, here are a few more economic facts he might want to consider.
WAGES
American families have consistently seen their incomes decline during the Bush Presidency—even when calculating only from the end of the last recession.
• For 2005, average real weekly wages fell 0.4% from $552.75 in December 2004 to $550.60 in December 2005. Since the end of the recession, they are also down 0.4% from $552.58 in November 2001. [BLS]
• For 2005, average real hourly wages fell 0.4% from $16.40 in December 2004 to $16.34 in December 2005. Since the end of the recession, they have been effectively stagnant, dropping one cent from $16.35 in November 2001. [BLS]
• Since the 2003 tax cut, real hourly wages have fallen 2.2% and real weekly wages have fallen 1.6%. [BLS]
• Real median household income has fallen each year Bush has been in office and by nearly $1,000 since the recession 2001 [U.S. Census Bureau, Income Poverty, and Health Insurance Coverage in the United States: 2004, Aug. 2005, Table A-1.]
EMPLOYMENT GROWTH
The President focused on job creation in both recent speeches, but employment growth in the current recovery has been the weakest on record.
• Monthly private employment growth has averaged a meager 59,700 per month even excluding the last recession and the months leading into it—the weakest monthly average for any recovery of this length. [BLS]
• The 4. 5 million job growth in the last two and a half years that the President brags about is weak by historical standards. In the last three recoveries, the economy created 7.9 million jobs during the corresponding 30 month period—3.4 million jobs more than we’ve seen in the last two and a half years–even with a smaller workforce and smaller population. [BLS]
• The only reason the unemployment rate has fallen to 5% is that a smaller share of the population is working or actively seeking work today compared to before the recession. If labor force participation were as high today, as it was before the recession the unemployment rate would be 6.6%–1.6 points higher than today’s official number [BLS]
• Indeed, this is the first time on record that portion of the population holding a job is down 48 months after the end of a recession.
POVERTY
After seeing enormous gains in the fight against poverty under President Clinton, the poverty rate has risen each of Bush’s years in office, as an additional 5.4 million people have fallen into poverty since 2000. [Census, Aug. 2005, Table B-1]
• The poverty rate has risen each year since the end of the recession—from 11.7% in 2001 to 12.7% last year as 4 million people fell into poverty. [Census, Aug. 2005, Table B-1]
• African American poverty has also jumped—from 22.7% in 2001 to 24.7% in 2004 as nearly 1 million (864,000) African Americans have fallen under the poverty line. [Census, Aug. 2005, Table B-1]
• Child poverty rate is on the rise—jumping from 16.3% in 2001 to 17.8% in 2004. As 1.3 million children under 18 have fallen into poverty [Census, Aug. 2005, Table B-2]
• This is the only recovery on record where poverty increased from the second to third year after the recession. [Census, Aug. 2005, Table B-1]
SAVINGS
Though incomes have fallen, consumer spending growth has continued to propel the economy. Unfortunately, this combination has pushed the personal savings rate to historic lows, debt burdens to historic highs, and exacerbated our already unsustainable current account deficit.
• The personal savings rate has plummeted this year, hitting -2.18% in August—a level not seen since the Great Depression. [Bureau of Economic Analysis (BEA)]
• Americans now pay a record 13.6% of their disposable income to service their debt. Since we’ve had to borrow at record rates to spend beyond our means, debt burdens have risen considerably. [Federal Reserve]
• Thanks in part to our recent fiscal deterioration, net national savings have dropped from 4.9% when Bush took office to -1.0% last quarter– its lowest level since the Great Depression. [BEA]
The transition from budget surpluses to budget deficits was a major factor in this shift to dissavings. In January 2001, the Congressional Budget Office (CBO) projected a more than $5 trillion 10 year surplus. Today, Goldman Sachs predicts a $5 trillion cumulative deficit over the next 10 years. They cite the extension of the tax cut as the “single biggest factor underlying†that prediction.
• The current account has deficit exploded—hitting a record $199 billion in the first quarter this year and on pace to top $800 billion this year. [BEA, Global Insight Inc. projection in Greg Hitt, “Trade Gap Eases, but Deficit Poised to Break a Record,†The Wall Street Journal, 9/17/05]
• We now have to borrow about $3 billion from abroad every business day to support our habits.
While President Bush may be trying to claim that everything positive in the economy is due to his tax policies, I don’t want to commit the same error by trying to tie everything negative to the Administration’s choices. But on the other hand, four years of declining wages, rising poverty and weak job growth is hardly strong validation for a tax policy that has significantly contributed to the largest fiscal deterioration in our nation’s history.
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69 Responses to “The Straight Truth About the Bush Economy”
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Frist.
December 7th, 2005 at 5:02 pmImpeach Bush. There’s so little left for him to screw up.
Excellent article. I’d love to see this printed in the Issues and Insights section of that rightwing rag known as Investors Business Daily.
December 7th, 2005 at 5:15 pmVote for Think Progress in the 2005 Weblog Awards! We’re losing the good fight to the trolls at RedState.org!!!
December 7th, 2005 at 5:15 pmIt’s the economy, retard!
December 7th, 2005 at 5:16 pmI think that is because the trolls seem to have MUCH more time to do random acts of uselessness. You see that they are always here don’t you? Where do they get all of that time?
December 7th, 2005 at 5:20 pmThe straight truth about the Bush economy is that it is, in fact, good for the rich. And that seems to be the only people this administration cares about. It matters not to them that the standard of living is falling for the majority of Americans, that more Americans are now living in poverty, that more and more jobs are going overseas. The rich have theirs, and Bush will keep giving them more and more. That’s his economic policy in a nutshell.
December 7th, 2005 at 5:24 pm[…] policies intend to prevent. And lo and behold, they work. —Rob 12:45 pm in Uncategorized | Permalink| […]
December 7th, 2005 at 5:24 pman amazing report - I’m glad to see I’m not paranoid when I hear BushCo talking up a great economy
December 7th, 2005 at 5:25 pmHey DEM’s that go on Talking Head shows - print this page out and staple it to your forehead. :-)
December 7th, 2005 at 5:25 pmThere are none so blind as those that will not see. This excellent overview should be mandatory reading for every poster on this site, including the trolls and the extremists on our side, and every poster should be required to reply with an agreement or rebuttal as cogent as this presentation. I probably will fall way short of the mark but I totally agree with the premise and the argument for that premise. The major problem with evaluating the economy is the necessary use of averages and percentages to compare incomparable data. If you were sitting in your kitchen with one foot in the oven and the other foot in the freezer, on the average, you would be comfortable. However, remove one foot or the other and suddenly you would become damned uncomfortable or extremely happy with anticipation. For us with our feet in the oven (let’s say that is the bad side because it is hot as hell) we view the economy as terrible. Then there are those with their feet in the freezer (where Momma keeps the ice cream) who perceive the economy as great. The problem being, as DUHbya will soon learn, is that when Enron (metaphorical speaking as it is appropriate) pulls the plug the ice cream melts. Those that can’t see the oven for the ice cream are in for a rude awakening.
And I only used one bad word!
December 7th, 2005 at 5:32 pmSomeone stole the “y” from my metaphorical adverb.
December 7th, 2005 at 5:36 pmDespite 215,000 new jobs in November, stout 4.3% Q3 GDP growth and a whopping 4.7% gain in productivity, only 37% of Americans approve of Bush’s handling of the economy.
That’s because right now, the American people aren’t focused on economic growth; they’re concerned about economic insecurity. Call it the “Insecurity Index”…
For the full story, see:
“Bush League Economy.”
December 7th, 2005 at 5:37 pmWow, Gene Sperling is here.
Sorry, I’m getting a little misty, you know, remembering those good old days.
God what I wouldn’t trade to have another 8 years like we had under Clinton.
Back then, I could walk into the office, crap on my bosses desk and walk out, and he wouldn’t fire me he needed me so bad. And if he did I would have a new job the next day, that payed 20 percent more.
…..sorry, I’m ballin now…………nice article Mr Sperling, real nic…excuse me, I need a moment.
December 7th, 2005 at 5:37 pmThat’s great Gene. The choir is very impressed. Now tell us when this is going to run on Page 1 of the Daily Oklahoman.
December 7th, 2005 at 5:44 pmThe President ignores the 2.5 million jobs that were lost in the first part of his term. The net gain in jobs is only about 2 million for the entire 5 years. That’s an average of only 35,000 per month, which is the lowest for any president’s first five years since 1964 (that’s as far back as I researched, so it could be the lowest going back much farther).
As has been observed elsewhere, 215,000 jobs in one month is not so great. It’s lower than the average of 240,000 achieved during Clinton’s administration. It’s even lower than the average for Jimmy Carter’s four years (219,000).
This year is on a pace to produce fewer jobs than last year, unless someone can find about 350,000 jobs to report next month. Next month will have to produce at least 100,000 jobs for this year to surpass the lowest Clinton year. That’s actually pretty likely; during the last two years the American economy has generated about 175,000 jobs per month (which is, as I’ve noted, lower than during Clinton’s and Carter’s administrations).
This data is easily researched, go to http://www.bls.gov/eag/eag.us.htm. Click on the green dinosaur on the line “Change in Payroll Employment.”
I know, as do all the other visitors to this site, that the President, whether Bush, Clinton, or Carter, has very little to do with the economy. I’ve been told this many times by my fiscally-responsible business-minded Republican friends. I find it amusing that President Bush takes credit for something that I have never heard any red-blooded Republican ever draw breath to credit Clinton or Carter.
December 7th, 2005 at 5:46 pmI hear ya #13 - Imagine that, a favorable job market…is their anyway we can force politicans to only refer to certain instances or numbers as refrence…Clyde’s metaphor is right on the money (eww, I know)…we are being told the economy is good with one set of #s and its bad with another set…if everyone refrences only certain #s then we can have conistent messages coming out - but then again, there would be no need for a economics class, I know y’all - I’m dreaming
December 7th, 2005 at 5:48 pm#14 jwb
It will run on the front page of any newspaper in this country if enough of us want it to. It is not Mr. Sperling’s place to force the response it is mine and yours. I will do all I can do. Won’t you join me please, Sir.
December 7th, 2005 at 5:49 pmDon’t forget the largest redistribution of wealth in a long long long long time…
December 7th, 2005 at 5:50 pmHere come the supply-side trolls. Everyone drink lots of beer so we can “trickle down” on them.
December 7th, 2005 at 5:54 pmThe mistake made in evaluating the Bush Administration is assuming that they are “right-wing” or conservative. Bush is neither. He’s a wierd mix of “Chirstian” values with a strong empire building tendency. His tax “cuts” are a mirage since spending didn’t decrease it’s just shifted the burden from tax payers to savers (inflation via the FED).
The economy is worse off under Bush because the Republicans have made bad decisions much to the consternation of real conservatives like Ron Paul. The primary benefit of the Clinton Administration was grid lock. Most actions by the federal government are harmful, so less activity is a blessing. Single party control is a recipe for disaster if it last long enough.
I think that Democrats are secretly pleased with Bush. He’s sowing the seeds for a landslide victory for their party at the next election, meanwhile he’s making the government so powerful that the will of the people is becoming irrelevant. He’s making the republic an empire.
December 7th, 2005 at 5:58 pmGreat post. I’m linking up.
December 7th, 2005 at 6:10 pmIf you asked me, the real and ONLY good test of an economy, is the job market.
Except for the elect minority at the top, the rest of us need jobs.
Back in the 1970 and 80’s, if you had a job, you hung onto it. Loosing a job could be disasterous.
Then, it all turned around. In 1992, Bill Clinton, this guy I did not want to see get elected, this Bubba from the south, and I thought, there goes the country.
But then suddenly, almost overnight, like someone turning on a water faucet, I saw nothing but jobs. I had been working at the same place for a few years, and suddenly my phone started ringing. Other companies in the town I lived in wanted me to come work for them! For the first time I was introduced to the concept of a Professional Recruiter.
And life suddenly got, real, real good. What a freakin ride!
My man Bill was even nice enough to hand the incoming repub President 1.6 Trillion dollars, you know, just to get him started.
But like a college kid with a credit card Bush sqaunderd every cent he was given, and racked up a debt he can never, ever pay off.
Guess he’ll have to file for Bankruptcy. Oops, can’t do that, he changed the laws to keep those pesky peasents from cheating his buddies out of their money.
Now what’s he gonna do?
December 7th, 2005 at 6:36 pmExcellent article. It’s been a while since I saw all the stats combined into such a tight and concise form.
December 7th, 2005 at 7:06 pm“like a college kid with a credit card Bush sqaunderd every cent he was given, and racked up a debt he can never, ever pay off”.
Interestingly, this is apparently what regular Americans did as well. With personal savings down, personal debt up, and on top of that falling wages, what are folks to do when it comes time to pay off that debt? That’s precisely why the administration pushed to change the bankrupcy laws, they know where this road ends. Greenspan warned this would happen, yet continued to lower interest rates thereby making money easy to borrow. Great for business and the “economy”, bad for the individual who can’t control himself. I’m afraid we’ll have a far greater poverty rate in the years to come.
December 7th, 2005 at 7:10 pmMany people lost jobs or took pay cuts during the last few years, and the many jobs that were created simply don’t pay as much as the jobs that people lost. Many people borrow money on their homes to continue living their middle class lifestyles that they are used to.
December 7th, 2005 at 7:12 pmMaybe I don’t get it, being the redneck dipstick that I am. Ford announces its dumping 30,000 high paying jobs, GM said last week it is unloading that and more. George creates a few thousand service sector jobs, many without benefits, a large number are only seasonal, and the rightwingers start celebrating.
Correct me if I’m wrong, but just because the global corporations on the DOW which are mainly in the oil, gas, and energy sectors are doing well, that does not always translate to a solid American economy. I mean, if Nike makes its shoes in Indonesia and sells them to the Europeans for a huge profit, does that mean I’m doing better?
Gird your loins, bubba, when you get your gas bill next month.
December 7th, 2005 at 7:17 pm#26
Joe Sixpack,
Now you know how it is to have both feet in the oven. You and I and the other struggling “working” types are being “worked over.” For peace of mind and a better tomorrow just remember the Bushco motto and hope for a Bush impeachment. When rape is enevitable, relax and enjoy it.
December 7th, 2005 at 7:28 pm#27:
Genius! Who remembers Clayton Williams any more? Probably GWB is one of those guys who had a Clayton Williams sign in his yard.
December 7th, 2005 at 8:09 pmExcellent points, Curious George #20. I don’t know what Bush is other than a tool of corporate hegemony, an illiterate and incompetent shill and opportunist and a boob. As Napoleon said:
“Never interrupt your enemy when he is making a mistake.”
Napoleon
December 7th, 2005 at 8:09 pmKillCon 2006:
Speaking of Napolean, why is it that when I think of crazy leaders likd Napolean I always come back to Bush? Something about Bush with his hand stashed in his shirt for the White House portrait makes me grimace.
December 7th, 2005 at 8:55 pmThe Bush Administration is living in a wierd dreamworld. In another example today of how far out they are, Rice says what the U.S. is doing is “not torture” (see video at http://mediamatters.org/items/200512070014). If Rice or Bush himself were subjected to these “not torture” techniques in return for a confession that they are torture, it would probably take about 10 seconds. It’s sad that this Administration would conduct such reprehensible, immoral conduct as widespread routine torture, deny it, and expect people to believe their obvious lie.
December 7th, 2005 at 9:01 pmIt disturbs me people refer to union laborers as ” overpaid ” . I don’t see anything wrong with someone being able buy a home afford college for their kids and also be able to buy the product he makes at work . That’s how a true good economy works . Without union jobs setting the payscale all manufacturing jobs are at stake .
December 7th, 2005 at 9:09 pmROFLLLLLLLLLLLLLLLLLLLLLLLLLLLL.
December 7th, 2005 at 9:14 pmListen to this. the way he said it is as if he was talking about himself.
“Rebuilding a nation devastated by a dictator is a large undertaking,†the president said.
He as the Dictator!
he IS a smart ass!!
He Knows Full well hes in trouble!
PShychos allways get careless in the end , let’s hope the nation can be saved in time
December 7th, 2005 at 9:23 pmWe have to stop buying their stuff… seriously. In this country, you vote with your dollars. I know they’ve made it difficult for us, but it’s the Consumer who runs this country. Don’t buy your holiday gifts, make them, or recycle them, or grow them, or hell, be creative. Turn off the television during commericals if you must watch it. And when you must buy, buy American made by American workers. Charity starts at home.
December 7th, 2005 at 10:51 pm#32 Mich- Union laborers are referred to as over paid because they are usually paid over and above what anyone else is paid. GM and California are perfect examples of bankrupting an entity while paying union workers out the nose.
December 8th, 2005 at 4:05 amYeah, those union workers and their big fancy mansions. Oh wait, those are the CEOs - nevermind.
December 8th, 2005 at 8:53 amVery good. I took the liberty of providing a link to this over at Angrybear.
December 8th, 2005 at 9:44 amIt is not the Union workers that cause the problem, it is the Union CEO’s in their big fancy mansions that have created the problem. The Union members are being exploited more by the Unions than they ever were by the employers. When will they ever learn?
December 8th, 2005 at 9:48 amThe American economy is a paper tiger …uh plastic tiger.
December 8th, 2005 at 10:06 amAmerican economy is growing people less .
December 8th, 2005 at 10:56 amless people, more paper, …uh plastic.
December 8th, 2005 at 10:57 amI think Paul Krugman has it right: “Americans are making money by selling houses to each other.”
This economy is crating well paying jobs overseas. So no wonder we have stagnat job and wage growth at home.
December 8th, 2005 at 11:15 amtake the money out of the equation, and get a look at the world .
December 8th, 2005 at 11:32 amor, call it “the Worlds Economy”.
December 8th, 2005 at 11:33 amI was watching C-Span and a nasty little republican from Texas gave us all staight talk. He stated (paraphrased) that he gets his money from the rich, he gets his job from the rich, so it’s the rich he’ll serve. F..the republicans. IMPEACH BUSH AND CRONIES for purposefully bankrupting our country while enriching his corporate friends. Lies to congress and citizens to drag us into a pre-planned PNAC illiegal invasion of Iraq. Allowing 9-11 to happen so they could enact the NCAP plan and generally just sucking at his job 24/7!
December 8th, 2005 at 11:35 amI am a forcefully retired carpenter who knows what level and square really means. This country is nolonger level and square. The last elction was a harbinger
December 8th, 2005 at 1:13 pmof things to come. I don’t think there will ever be an elction in this country and I beleive that as the screws are slowly but surely tightened by corporate Ameraica no one will dare put his head above the firing line and do a damn thing about it. We are becoming so economically imprisoned our only hope is no hope. And thats the way the money wants us to be.
It seems to me that the neocon agenda is to bankrupt the U.S. to eliminate the New Deal and all entitlements. W and the neocons have exposed themselves in their efforts to “leave no child a dime”. Can we really afford 3 more years of this?
December 8th, 2005 at 1:53 pmThe basic flaw in the Republican Economic Philosophy (Tax Cut Populism) is outlined here:
How Markets Foil Collectivist Schemes
Very important.
.
December 8th, 2005 at 7:10 pmMarrk Marco #36
GM, Northwest Airlines, Delphi, and every other bankrupt corporation is in that position because of one common thread: INSURANCE PREMIUMS
The federal government has allowed “healthcare” AND THE INSURANCE SPECIAL INTEREST GROUPS (more succinctly the thieving executive twits- Frist, HCA and Co.- and their greedy co-conspirators in the House and senate who work for State Farm, AAA, and the HMO’s) to bankrupt this country!
Hillary and Bill tried to do something about this monster but you republiscum vilified, and laughed them down!
A curse on all Bush loving traitors houses, may you all (or members of your households) become seriously ill, lose your jobs and health insurance, have to file for bankruptcy, have to move into government housing projects, file for public assistance, and be turned away!
December 9th, 2005 at 11:30 amMarkets also foil collectivist tax raises. “Rich” people avoid them and the uninformed people end up paying them. Public policy, by it’s very nature is group policy. It does not accurately predict individual behavior, which is why government is a poor distributor of money. The principle of the above post had reality and fantasy built into it but it was well written….just contradictive. To talk about the fallacy of collectivist Schemes and end the article with a collectivist scheme was very funny! If I didn’t know better, I’d think a rightwing nutjob like myself posted it to be smart ass……
December 9th, 2005 at 11:55 amThe Wall Street Journal reminds us of what the 2003 Bush tax cuts have done for the economy.
• The stock market has risen by about $4 trillion in value, and an estimated 40% of that gain is directly attributable to increases in the after-tax return on equities, thanks to the tax cut. (If the tax cut expires, the market will instantly give back those gains.) Housing values have soared so rapidly that the fear is we now face a bubble. Household net wealth has climbed by $10 trillion.
• Business investment–which had sunk into the abyss during the recession, falling by 21% between 2000 and 2002–has roared back to life. Spending is up nearly 25% over the past 30 months.
• Dividend payments to shareholders have doubled in two years, according to data gathered by the American Shareholders Association. The cumulative impact of the tax cut and the higher dividend payments has put $100 billion into the pockets of America’s burgeoning investor class.
• The macro-economic signs all point to a solid, sustainable expansion. Employment is up 4.4 million and real GDP growth has averaged 4%–or twice the OECD average–since 2003. Today’s unemployment rate of 5% means there are now roughly one million more Americans working than were projected before the tax cut.
• Oh, and yes, there was a $120 billion reduction in the budget deficit in 2005. That’s because tax receipts rose by more than in any previous year in U.S. history, even adjusting for inflation. Receipts were up by $55 billion above projections in 2004; $122 billion above projections in 2005; and are already running well ahead of projections so far in fiscal 2006 (which began in October).
• Finally, we wonder if any of the faux debt-hawks in Congress noticed that thanks to the sizzling economy, states and localities are now running hefty budget surpluses, reversing years of red ink and painful service cutbacks. Even New York City–which for years looked like the U.S. version of debt-plagued Argentina–is back in the black.
Texas has a 2 billion dollar surplus. Do you know how many longnecks that will buy? Man, I hate Bush. My stocks are up my taxes are down and damned if gas isn’t below 2 bucks a gallon again. Cut taxes and increase revenues. It works every time it’s tried. We can thank John F. Kennedy for showing us how it’s done.
December 9th, 2005 at 7:11 pmI-Right-I comments:
“Texas has a 2 billion dollar surplus. Do you know how many longnecks that will buy? Man, I hate Bush.”
You neglected to mention the education finance system, which has been in crisis for years. For instance, Texas has the lowest per capita spending per student and the highest drop-out rate - do you think there could be a correlation?
Even the GOP-dominated Supreme Court found that the current system is unconstitutional and gave the state legislature a deadline of June 1st, before shutting down the entire system.
Yet, our Republican dominated state government still insists upon placing “property-tax relief” as the deciding issue in this this sad commentary on life under the GOP in the Lone Star State. And yes, I’m a 5th generation yellow dog.
December 9th, 2005 at 8:41 pmJust left the redstate.org snooze parlor…ZZZZZZZZZZZZ!
December 9th, 2005 at 8:42 pmI-Right-I comments:
“Texas has a 2 billion dollar surplus. Do you know how many longnecks that will buy? Man, I hate Bush.”
Nice try, but that’s a 2 MILLION dollar surplus. You’re off a few decimal points.
You also neglected to mention the education finance system, which has been in crisis for years. For instance, Texas has the lowest per capita spending per student and the highest drop-out rate - do you think there could be a correlation?
Even the GOP-dominated Supreme Court found that the current system is unconstitutional and gave the state legislature a deadline of June 1st, before shutting down the entire system.
Yet, our Republican dominated state government still insists upon placing “property-tax relief” as the deciding issue in this this sad commentary on life under the GOP in the Lone Star State. And yes, I’m a 5th generation yellow dog.
December 9th, 2005 at 8:42 pmThe net gain in jobs is only about 2 million for the entire 5 years.
Not even close:
TOTAL PRIVATE EMPLOYMENTSEASONALLY ADJUSTED
December 11th, 2005 at 6:54 am(IN THOUSANDS)
BUSH 2
JAN 2001 111560
NOV 2005 112417
NET == +797
SOURCE: http://WWW.BLS.GOV
Yet, our Republican dominated state government still insists upon placing “property-tax relief†as the deciding issue in this this sad commentary on life under the GOP in the Lone Star State. And yes, I’m a 5th generation yellow dog.
Comment by Will Bryant
I guess you’ve got your hand out and don’t own any property. You’re no Yellow Dog.
December 11th, 2005 at 6:30 pmChase the “rich” money! It doesn’t exist…it’s in a never ending loop of corporations and trusts that aren’t subject to heavy taxation….Why do the 23 old ideologs not grow up? It’s a tragic thing to watch…..
December 12th, 2005 at 12:05 amI just want to comment on the repeated use of the ‘president doesnt have much of an effect on the economy’ cannard- to wit: I disagree.
Whenever I see these economy performance graphs they indicate quite clearly the differences in presidents.
Check out this post from angry bear. If you look, the deliniations from pres to pres are frequently very clear.
So yes, looking at these economic performace charts shows the presidents have appreciable effect.
December 12th, 2005 at 3:06 pm
December 13th, 2005 at 10:59 pmYou don’t have to convince me about the economy even though personally I still have a very good job. However I worry that someday I will lose my job to circumstances related in to in your article. I feel that our country is going to suffer a major financial disaster because of this Bush administration. By continuing with the tax cuts to the wealthy and a billion dollars a week spent on this senseless stupid war in Iraq this administration has destroyed our countries very foundation we are falling apart! When that happens then we will most likely be attacked by a group of nations whose people are sick and tired of our hyprocrisy and the smug attitude our present government conveys. This President and his administration has put our country and our people in terrible grave danger. Because of this there needs to be a reckening by those in Congress who have the balls to stand up to this administration and tell the America people the troubles we are in. Then maybe, just maybe the people will rise up and demand that this President be impeached and escorted out of the White House along with everyone in his administration to be charged with crimes against the American people.
My two recent articles are related: http://searchwarp.com/swa30365.htm and http://searchwarp.com/swa28733.htm
December 26th, 2005 at 1:00 pmwedding ring
wedding rings
January 1st, 2006 at 1:20 pmI wonder what history will say about how many times the USA has had a chance to do the right thing for it’s people and its position in this changing world. It seems that wisdom has deserted our leadership.
ty
February 22nd, 2006 at 2:25 pm[…] Meanwhile, as of 2004, 24.7 percent of African-Americans lived under the poverty line (up from 22.7 in 2001) — that’s more than 9 million people. The number of times Bush mentioned “poverty” in his speech: 0. […]
July 20th, 2006 at 12:34 pmWhy does everyone think everything will be a bed of roses if we can just get the dems back in control. The fact is, neither party will ever do anything that will greatly improve this country because it would mean their own demise. Think Independently
September 6th, 2006 at 10:00 pmYes I have been suspicious that our economy is all a paper tiger or a straw man or smoke and mirrors. I have a Bachelors from a University of California, am a veteran, and I have a real hard time finding a job. I am trying to get a job as a security officer and I’ve been waiting 3 months to get my license approved by the state office. This job only starts at about $10-15 an hr. That’s not counting I have to pay back college loans and try to support myself living in southern california. I may have to go bankrupt. The really annoying things to me is the attitude of the white house and all the cronies put in offices to support Bush. They just fired 8 U.S. Attorneys. That is more than was fired in the last 50 years. I’m afraid Bush is trying to take over the government single handedly.
February 28th, 2007 at 5:38 pmThe economy is a mess.
March 2nd, 2007 at 12:54 amTrue.
Guess what.
There is not a thing you or I can do about it.
You live in a country which is a dictatorship controlled by the rich and lucky
of America.
Think.
George Bush obviously did not become president because he is a educated man. He is probably the most incompetent public speaker in the history of mankind.
Money BUYS the presidency.
All things come to an end though.
Time is almost up for the United States of Ignorance.
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I can not agree with you in 100% regarding some thoughts, but you got good point of view
April 6th, 2008 at 9:56 amMike
From my background I never thought about it that way.
April 10th, 2008 at 10:50 pm