The winners and losers of the Bush years are now clear.
Today, Exxon-Mobil announced third quarter profits of $14.83 billion, the most profitable three months of any U.S. company in history.
These profits represent annual profits over 250% of the levels at the beginning of the Bush years. Over the same period, real average wages for the American worker have stayed essentially flat, growing only 2% over eight years.
Real median household income was lower in 2007 (last data available) than it was in 2000, after growing 13% from 1992 to 2008.
These huge oil company profits come even as the American economy has shrunk 0.3% and slides into recession.
John McCain’s plan to solve this crisis? A budget busting tax plan that would give a $1.2 billion tax break to Exxon-Mobile ($4 billion for America’s largest oil companies) and give nothing to over 100 million Americans.