Unpleasant Economic Statistics

According to recent polls the economy now ranks third in importance of all issues facing Americans (after Iraq and health care).  The Bush trickle down economics have trickled down to average Americans, trickled down into more hours for less wages (after inflation), higher housing costs, higher energy costs, and staggering increases in the cost of health care.  The trickle down economy is now strangling the middle class as foreclosures and the mortgage meltdown begin affecting the overall economy.  Some numbers foretell a coming recession George Bush is not going to be able to blame on Bill Clinton:

August saw a net jobs loss of 4,000

The economy needs to create 120,000 new jobs each month just to keep pace with population growth

Foreclosure rates rose to 5.52% in June

The cost of employer provided health insurance rose 6.1% this year

Health insurance premiums have risen 78% since George Bush took office

Employee wages have risen 19% in that same time period

Americans covered by company provided health insurance dropped by 5% between 2000 and 2006.

10% of children, or 8,700,000 kids, are uncovered

Countrywide Financial laid off 12,000 employees last week

Americans are working harder and longer but keep falling behind economically.  Meanwhile the rich keep getting richer.  Incomes of those in the top 1% increased 450%.  Households in the top quintile gained 84% in income.  This is, as John Edwards says, a tale of Two Americas, the haves and the have nots.   Things are getting much worse for working people as they await the benefits of the trickle down economy.  Those benefiting from trickle down work building yachts, selling Rolls Royces, managing investment funds, and selling top shelf jewelry. 

For the rest of us trickle down means being stamped down economically.   Ronald Reagan asked a clear question in 1980 which helped him get elected and it's one every American needs to ask themselves this time:  are you better off today than you were six years ago?  The numbers say most people will answer that in the negative.

Comments

[dennis g.]

I know this is rhetorical but, W and his "friends" got theirs, so why should they care?
dg

[John Morgan]

Of course, they don't and that's the point. A recession only affects them insofar as the interest they receive on their investments is reduced.

[Steven Capozzola]

The bottom line is JOBS. The U.S. lost 46,000 manufacturing jobs in August 2007. More significantly, the ongoing losses are taking a cumulative toll on communities throughout the country. We need to adequately enforce our trade laws, and hold countries like China accountable for illegal trading practices such as currency manipulation. Otherwise, we’ll continue to shed manufacturing jobs.
www.manufacturethis.org

[John Morgan]

We certainly do. The absence of significant job growth under this Administration is shocking. We've lost the good jobs and replaced them with awful ones. The Bush economy, what there was of one, was fueled by homeowners refinancing, tapping their equity for cash. Now that that well has dried up we're in for a very rocky ride.

[Peter Bonny, Jr.]

You couldn't have made a story that struck down to my heart deeper than the economy subject. However, being part of the struggling working/lower middle class I become gripped with inner fury when I see what has become of so many of my American brethren, especially in New Orleans, that are getting f***ed by Reagan/Bush/Dubya economics. I am personally concerned with the War, civil rights and a whole host of issues- but when I think of the suffering of our poor Americans and the economic aspect, it makes me want to "draw blood" from the Republican cold heart--devote myself to kicking those bums out of all offices (and preferably out of the country).

[John Morgan]

But Peter, (said very sarcastically here) think about all the poor, destitute hedge fund managers in New York who are now going broke and losing their $1 billion/year jobs! What about them and their 18,000 square foot houses in Jersey and Connecticut? Don't you feel their pain?