BadGimp

'Down on our knees: An American tale'

Walt Brasch: Date: Friday, June 20 @ 10:18:01 EDT

Topic: Commander-In-Thief

Standing before more than 1,400 loyalists and lobbyists who threw him more than $3.5 million, President Bush claimed he "got the economy going again . . . laid the foundation for greater prosperity" and defended the country against terrorism. Assuming he was neither drunk or stoned, he may have believed what he was spinning.

But, let's look at the record. First up, the economy.

--More than 2.7 million jobs have been lost during the past two years. More than 10 million are unemployed, the highest unemployment rate since the Bush I era.

--The Republican-controlled Congress failed to pass any significant legislation to raise the minimum wage or to provide health coverage for 60 million Americans--although the Administration says it wants to extend universal health coverage to all Iraqis.

--President Bush declared that leading economists said if the $350 million tax cut was approved, the economy would grow by 3.3 percent. As Gordon Livingston, writing in the Baltimore Sun, correctly noted, "no such report exists."

--What does exist is a welfare package for the rich. The top one percent, many of whom live on dividends and stock sales, benefit far more than most Americans who are paid hourly. Among their benefits are reduced income taxes, dividend exclusions and capital gains benefits, and a special deduction of up to $100,000 for any vehicle over three tons. About 50 million lower- and middle-class families get nothing; about 20 million get less than $100. In his original proposal, eventually modified by Congress, President Bush allocated nothing for military pay increases, nor any provisions to cover military families.

--The package includes a "child tax credit." Those with incomes below $26,625 a year get nothing. In killing the credit for low-income families, House Majority Leader Tom Delay coldly set the Republican priority. "There are other things that are more important," he told more than 12 million families.

-continued-
.........................................................................

good read

BadGimp

posted by BadGimp @ 7:19 PM