Friday, August 18, 2006

In what economy is Bush living in?

The President made a statement today surrounding a meeting of his economic advisors and he actually straight faced made the following statements.

"The foundation of our economy is solid, and it's strong."
"The economy grew at 4 percent annual rate during the first half of 2006, and this means that our economy is maintaining solid growth, and performing in line with expectations. "
"We recently learned that this year's deficit is projected to be 30 percent lower than we initially thought, and that means we're on track to cut the deficit in half by 2008, a full year ahead of the original goal."

Now in the real world here are the facts:

The Index of Leading Indicators slipped 0.1 percent in July to 138.1, below market expectations for a 0.1 percent rise, the Conference Board said.

The leading index has decreased in four of the last six months.

Real Average Hourly Earnings continue to fall in June 2006, the sixth month in a row.

The nonpartisan Congressional Budget Office forecast Thursday the government budget deficit would rise to $286 billion in fiscal 2007, up from $260 billion this year.

This President can stand there with a straight face all he wants and repeat over and over again that the economy is strong, however, middle class Americans know better. He can cite made up massaged and adjusted numbers all he wants. But Americans can look around their neighborhoods and see the foreclosure tags on the houses. They know about their friends or family members either laid off from good jobs they held their entire lives or forced to retire early or working at a much lower wage job. Americans can see our own savings balances, and our debt growing. Americans can see with gas prices and medical expenses there is less and less left in our wallets at the end of each pay period.

What Economy is Bush living in? Its the same one where Exxon, BP, Shell, Haliburton and the top 1% richest people who actualy got that tax cut, reside.

But as for the voters for this next congress, we live in the real world.


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