Bush outlines his plan to kick start the economy

As I sat and listened to the Idiot-in-Chief, I wondered if he actually believed what he said or just hopes to hell that we believe it.

He wants the tax cuts for the top one percent to be made permanent, but the ones he is outlining for the rest of America should only be a one-time deal.

Of course the following part really jacked my jaw: Folks at the extreme bottom of the economic rung shouldn’t get squat..because that is considered welfare.

Fark you Frat boy.

Here it is, what the Jackass-in-Chief wants and what lies and half-truths he spewed. Some lowlights:

The economic team reports that our economy has a solid foundation, but that there are areas of real concern. Our economy is still creating jobs, though at a reduced pace. Consumer spending is still growing, but the housing market is declining. Business investment and exports are still rising, but the cost of imported oil has increased.-Ok, the December report on how American’s spent their money showed it was in the toilet, the worst since 1991. The New York Times stated: Strong evidence is emerging that consumer spending, a bulwark against recession over the last year even as energy prices surged and the housing market sputtered, has begun to slow sharply at every level of the American economy, from the working class to the wealthy.

Sorry Bush, but your full of bat guano on that first point right out of the box. The way the government fixes it’s statistics on job growth have been crap for years. Too many variables that should be included in that statistic aren’t.

Wages are stagnant and good paying jobs disappear while the income of the top one percent of Americans that don’t actually work for a living and that love their stocks and hedge funds has continued to grow. To say we are growing and jobs are being created might be true..but what is the average wage of those ‘new’ jobs? The NYT article linked above shows how the lifestyles of average American’s has changed drastically:

One consequence is an upending of the traditional pattern, in which middle-aged children take in an elderly parent. As $15-an-hour factory jobs are replaced by $7- or $8-an-hour retail jobs, more men in their 30s and 40s are moving in with their parents or grandparents, said Cheryl Thiessen, the director of Jackson/Vinton Community Action, which runs medical, fuel and other aid programs in Jackson and Vinton Counties.

The Economic Policy Institute, EPI tells you and shows you graphs and charts on how wages have suffered for the working part of America:

With the release of today’s consumer price index for December—up 0.3% for the month and 4.1% for 2007—we can now examine how real hourly and weekly earnings did over the course of last year (comparing this December to last December).

As shown in Figure 1, both hourly and weekly earnings fell in 2007, a sharp reversal from the gains in 2006. After growing by about 2% in 2006, both hourly and weekly earnings fell, after adjusting for inflation, by about 1% last year.

More from The Shrub’s speechifying:Passing a new growth package is our most pressing economic priority. When that is done, Congress must turn to the most important economic priority for our country, and that’s making sure the tax relief that is now in place is not taken away. A source of uncertainty in our economy is that this tax relief is set to expire at the end of 2010. Unless Congress acts, the American people will face massive tax increases in less than three years. The marriage penalty will make a comeback; the child tax credit will be cut in half; the death tax will come back to life; and tax rates will go up on regular income, capital gains, and dividends. -Notice that he really wants to keep those on top of the foodchain safe, but not anyone else. God forbid their taxes go back up in the form of capital gains, dividends and the estate tax.

For the 99% of American’s that actually work for a living, their income isn’t growing like the income for the wealthy at the top of the economic food chain. From the latest data that is complete:

From 2003 to 2004, the average incomes of the bottom 99 percent of households grew by less than 3 percent, after adjusting for inflation. In contrast, the average incomes of the top one percent of households experienced a jump of more than 18 percent, after adjusting for inflation. (Census data show that real median income fell between 2003 and 2004. Average income is pulled up by gains at the top of the income spectrum; much of the 2.3 percent rise among the bottom 99 percent seems to largely reflects gains by households in the top decile of the income spectrum. In contrast, trends in median income capture the experience of households in the middle of the income spectrum.)

 

The top one percent of households (those with annual incomes above about $315,000 in 2004) garnered 53 percent of the income gains in 2004.(emphasis mine)

Sadly the reality is..it’s worse than that. The CBPP explained that the enormous gains at the top of the income foodchain caused a rise of income as a whole. But average income dropped between 2003 and 2004, and has not risen appreciably since then. In short, while the top one percent get richer, the middle class is shrinking, as economist Paul Krugman pointed out in a speech earlier this year:

By the time World War II was over, we had become the middle-class society that the baby boomers in this audience grew up in. We had become a much more equal society. That high degree of equality began to go away — depending on exactly which numbers you look at — during the late 70’s, maybe a little earlier than that. And at this point we’re basically back to pre-tax and transfer to the levels of inequality that we had in 1929.

What happened in 1929? The Stock Market crashed and burned.

The final blurb from our Frat Boy in the White House: In a vibrant economy, markets rise and decline. We cannot change that fundamental dynamic. As a matter of fact, eliminating risk altogether would also eliminate the innovation and productivity that drives the creation of jobs and wealth in America. Yet there are also times when swift and temporary actions can help ensure that inevitable market adjustments do not undermine the health of the broader economy. This is such a moment.

I don’t really want to call our Decider-in-Chief a delusional moron or better yet a lying sack of crap, but if that shoe fits… you hold him down and I will stick it on his foot, while I put the other one where the sun doesn’t shine, otherwise known as his behind.

12 Responses to “Bush outlines his plan to kick start the economy”

  1. rube cretin Says:

    Dusty.. “What happened in 1929? The Stock Market crashed and burned.” What the heck are you suggesting? While i don’t really care personally what happens to the stock market, i am concerned about people who are thrown out of work and forced to take low paying or no jobs. Plus folks still had a connection to the land in 1929 and could always grow something to eat. If you believe folks ought to be concerned why don’t you just say it. Or perhaps you believe Pelosi and her Dem friends will save us.

  2. steve Says:

    No complaints here :) I am getting more money back than the average person. Maybe I can buy real health care with it or something… or buy some chronic…

    Anyway…

    Rube… Pelosi save us? C’mon!!! She’ll save Starkist Tuna from a minimum wage increase in American Samoa before she’ll help you.

  3. Dusty Says:

    Rube, I didnt’ suggest shit..did you read the quote above that sentence? An economist brought it up dude. I will reprint it for you here ok?

    And at this point we’re basically back to pre-tax and transfer to the levels of inequality that we had in 1929.

    Now tell me rube..what does that tell you? I know what it tells me. Oh, and kma for even mentioning Nan ;)

    Steve, there are people who live within their means and this is a boom for them. I know a few gay couples buying houses as rental property or upgrading to a better house right now because they know what a savings acct is and they don’t jack up a bunch of credit cards. But the folks on the bottom of the income scale don’t have a house anyway..nor do they have credit cards..so with rising prices in almost everything..it hurts them ALOT.

  4. rube cretin Says:

    Dusty…
    Sorry for being so dense , but i really thought you were suggesting there was some correlation between the “inequalities that we had in 1929″, and stock market crashing and burning. You did use those words following the quote which you so kindly reprinted? Are these your words? “What happened in 1929? The Stock Market crashed and burned.”

    Please excuse us pre-baby boomer’s who had a little personal experience with that period in our history and find any references to it interesting. I was in the middle of forgetting about that time until you brought it up. (Wonder if i forgot to take my medications?)

  5. Dusty Says:

    Ah Rube..don’t stress ok? If your pre-baby boomer..your retired already aren’t you?

  6. rube cretin Says:

    Dusty,,
    Been retired 15 years. Guess 1929 means different things to us older folks. I was aware of income inequality during those days and when i read your missive i misinterpreted it. I thought you were suggesting that it was one of the causes of the 29 crash and i was seeking clarification. I agree with your analysis that our presidents stimulus plan is seriously flawed. Earlier today i likened it to “dragging a pork chop down the street of America” in order to keep the wolves from his door. Anything to prevent this from happening on his watch. The next president is going to have a full plate once this bunch leaves town. Didn’t understand the “kma for even mentioning Nan”

  7. Dusty Says:

    Rube, I think Krugman’s speech that I link to in my post is an excellent read, I think it would interest you to see the correlations he draws between the inequality in income in1929 and now, because there is a rationale that many economists draw out of the disparity in income between the have’s and have-not’s of that era.

    If our country didn’t learn anything from the market crash in 1929, then we are doomed to repeat the same problems. Many of the checks and balances that were put in place after that crash have now been pretty much rolled back by various presidents, including Bill Clinton.

    I have no faith in Pelosi and the corporate-loving and pandering Democrats. One of the problems as I see it, is that we allow corporate welfare to continue even though Big Business doesn’t need it. They talk about how great the “free market” economy is, but then they turn around and provide subsidies to this very same group.

    I was being snarky when I told you to kiss my ass for mentioning Nanny Pelosi..sorry if you missed that inflection ;)

  8. Dusty Says:

    Oh, and Rube..what really bugs me the most is that the elderly and infirmed are having the hardest time making ends meet..and they will get nothing under this ‘recovery plan’. How friggin stupid is that?

  9. steve Says:

    Dusty,

    There are studies every where that will tell you costs for commodities were higher… a lot higher during the Carter Administration and the beginning of the “greatest Presidency of American History” the Reagan years. So lets not start the poor old and just plain poor people. There are more flat screen tv’s in welfare homes per capita than in middle class homes. (I don’t have record of that but it is just a hunch… ever driven through Oak Park in Sacramento?) But seriously… I do feel for the elderly in this country. My parents are almost there and thank God their house is paid off or they’d be shit. They had no 401k plan like my generation had but is that totally the government’s (er um Bush’s) fault? I am a afraid not. Bush was only here for 8 years. He didn’t screw the pooch that badly… but he is taking the blame for the pre-election swoon in the Economy. I seem to remember the stock market crashing down after March of 2000 (lost 40K of blue sky that summer) and a lot of people gave Clinton heat. It’s the same freaking situation Dusty… Or do you guys only criticize Republican Presidents? A lot of wealth was lost during the Summer of 2000… Remember the NASDAQ was over 5K? This time the attack on wealth affects the everyman home owner who tried to make a buck…

    Wait until the dollar comes back up in value and watch who loses there…Gold and commodities traders.

  10. Dusty Says:

    BushCo might of only been in office 7 years and counting..but the Republican’s controlled the Congress for 12 straight years…just an fyi for ya there steve ;)

    Unless you have something to back up your bullshit about flat screen tv’s, I will give it the attention it deserves..nothing. .

    When the Dot com bubble busted, which I assume is what your talking about, the effect was mild compared to now and it’s affect was nothing like we currently see since it was primarily investors that took the brunt of that hit. Apples and Oranges steve.

    When the dollar comes back up? Please, we have much less control over the financial markets worldwide than we used to..care to tell me what the plan is to boost the value of the dollar? With world banks moving away from the dollar and towards the Euro or even the Pound, it shows a huge no confidence vote in the almighty buck. If China ever decides to dump the dollar we will be in for a world of hurt.

  11. steve Says:

    The effect was mild Dusty? I lost 40K!!! F/U j/k :)

    Next time I am out there buying a bag of weed I’ll let you know about the flat screens I see.

    I must add though… Dusty, the Clinton years saw the greatest wealth generation in the history of the US, much of it was lost the summer of 2000. It had an effect you just didn’t have any money in it.

    We could have been shit after 9/11 if it wasn’t for the brave people like Bush, Guiliani and Bruce Springsteen letting us know we’d be okay and to fight terrorism…

  12. christopher Radulich Says:

    if it wasn’t for the brave people like Bush,

    Like when he join the NG to escape Vietnam.
    Like when he did not volunteer for Nam even though the army had a a need and a program for the NG to participate.

    The man was a cowardly ass hole before, during, and after 9/11.

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