Strong GOP economy? Robert Freeman buried that GOP claim in ink, paraphrased below:
Millions of people have dropped out of the workforce; heckuva no good jobs, but thanks for the low unemployment rate. Meanwhile, three million high-paying manufacturing jobs went to China, and most new American jobs were low-paying service positions.
The Dow may be over 12,000, but it only indexes 30 stocks. NASDAQ, which tracks a broader collection, is 55% below its high.
Gross domestic product has gone from 5.6% to 1.6% in the last three quarters. Hello recession.
The trade deficit is over $800 billion a year, double the last year of the Clinton administration. Bush has added $3 trillion to the national debt, and so the US has to borrow almost $3 billion a day to keep functioning, mostly from foreigners. When he leaves office, Bush’s administration will have created more debt than all previous presidents combined! Finally, he gets to be #1 in SOMETHING.
Of Bush’s $1.6 trillion in tax cuts, 70% went to the top 20% of earners; the bottom 40% got a heckuva 5%.
The economy has stayed afloat this far due to the complete fiscal irresponsibility of this administration. Combine $11 trillion in home mortgage debt with home prices just taking their biggest plunge in 35 years, and guess what’s at the end of the road? The open arms of the Bush Bankruptcy Act.
The savings rate has fallen below zero and income inequality is the greatest since just before the Great Depression.
And a direct quote from Mr. Freeman:
“Any moron borrowing almost $18 trillion in five years can fake the illusion of prosperity. But even at that, Bush can still barely even muster the illusion. The facade is popping rivets like the Titanic just before it went down.”