Friday, December 21, 2007

The Truth About the "Bush Boom"

Some aspects of the "Bush Boom" (retch) that rightwingers never seem to talk about:

1. Credit card debt is now approaching $1 TRILLION.

2. NONE of the predicted gains in job growth, median income, or federal revenue have taken place because of the Bush tax cuts, and yes, I can cite specific data in each instance.

3. SEVENTY PER CENT of all the national debt accumulated since 1789 has been racked up by three Republican presidents, two of them named Bush.

4. Debt service in the U.S. budget exceeded $400 billion in Fiscal 2006 and is headed for $500 billion now. The "Bush boom" has all been put on the plastic.

5. Bush and the Republican Congress of 2001-2007 increased our national debt by 60%, or in actual terms, more than $3 TRILLION.

6. Republican opposition to alternative energy since Reagan has inflicted enormous oil debt on consumers--and made the financial contributors to the Republican party in the oil industry fabulously rich.

7. Foreign banks now hold so many rapidly depreciating dollars that if they start denominating their holdings in Euros, we're screwed.

8. The upper 5% in this country controls 70% of the assets. The upper 20% controls 91% of the assets.

9. For the first time since the Great Depression, savings are negative.

10. Income for the bottom 20% rose by 2% between 2003 and 2005. It rose by 43% (!) for the top 1% in that same period.

11. For the first time since the 1930s, median housing prices are collapsing.

Hey, but other than all that, the conservatives are right. Things are great.

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