Recession Coming: Bad for Bush, Worse for the American People

from The Progressive:



Recession Coming: Bad for Bush, Worse for the American People
By Matthew Rothschild, January 2, 2008


George Bush has been lucky, in one way.

Well, he’s been lucky all his life.

But he’s been especially lucky for the past six years to have presided over an economy that was growing.

Of course, it wasn’t growing very strongly.

And the fruits of that growth were not distributed equally by any means. “The increase in income inequality . . . was greater from 2003 to 2005 than over any other two-year period” in the past 25 years, according to Jared Bernstein of the Economic Policy Institute. In 2005, the top 1% hoarded 18.1% of household income, up from 14.3% in 2003. During the same three years, 80% of households saw their share of the nation’s income drop.

But at least we weren’t in a recession.

Now it looks like a recession’s coming.

The crisis in the housing market is spilling over into other sectors of the economy. Meanwhile, consumers, who are up to their necks in debt, didn’t bail out the economy over Christmas with more spending. And gas prices remain high.

As a result, the odds of a recession are increasing by the day.

“A ‘soft landing’ doesn't seem likely,” warns Mark Weisbrot of the Center for Economic and Policy Research. ......(more)

The complete piece is at: http://www.progressive.org/mag_wx010208

some sectors recovered, but others have never truly bounced back, vis a vis the 'jobless' recovery.

Who gives a rats ass and how the hell is it 'bad' for that dipshit?

He's on his way out and isn't running for any office.

More like bad for US!!!! :grr:

And he (and fellow family members) have profited and left the bill and clean-up for others (Silverado; the last 7 years). His favorite corporations have benefited and will continue to benefit from the attempted destruction of FEMA and other government agencies that they hope to replace, as well as runaway spending and no-bid contracts. They tried to move Social Security into Wall Street and almost succeeded. He toured the country for some -six months- trying to convince us to give him that money.

Last night in the debates it was stated that oil hasn't risen as much in Euros as in dollars, and that gold has remained steady. If you imagine that these people aren't playing the markets and currencies against each other and as deeply as they can, with those billions of dollars as fodder... Why do people not understand that these protoclowns are international businessmen, and can profit wildly outside of American interests? And have, with little things like an oil development monopoly...see record Exxon profits, and remember that they're friends with Bush too. And that they'll continue to profit from oil etc. as time goes on and demands increase worldwide. They're creating a monopoly, and they make enough money, and -will continue- to make enough money, to not give a shit about recession, depression, and worse. They're forever rich. They did it with our tax dollars. And they're laughing at us. Arabia has some 17% unemployment, IIRC, and their very rich don't give a shit. Why should Bush? Who is under the impression that Bush has any concern for anyone but himself? He's not like us. He doesn't care at all about anyone else. There is some sad expectation going on that "they won't allow us to come to harm".

Ask residents of New Orleans about that one. Ask after the missing $8.8 billion that was lost in Iraq. And no, these people don't get off on torture. That would be sick.

He's sold us into massive debt to China and pocketed that money as it went out through the government into corporate hands. Google "disaster capitalism" and read the great article in The Nation.

He and his Saudi/Kuwaiti/UAE friends are laughing their way to the bank. Entirely at our expense. We PAID them to fuck us over.