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Bush vs. the Dow

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For the past six years, George W. Bush has been telling us how the U.S. economy is doing so well. It's "growing". It's "steady and strong".

Just last month, in his 2007 State of the Union Address, Bush told us that "[a] future of hope and opportunity begins with a growing economy -- and that is what we have. We're now in the 41st month of uninterrupted job growth, in a recovery that has created 7.2 million new jobs -- so far. Unemployment is low, inflation is low, and wages are rising. This economy is on the move, and our job is to keep it that way, not with more government, but with more enterprise."

Nonetheless, yesterday the Dow Jones Industrial Index dropped 400 points in reaction to "a global sell-off that started in China." [Read story.]

At the water coolers and the Starbucks, I hear people speculate about a possible recession. Indeed, even former Federal Reserve Chairman Alan Greenspan recently warned that a recession may be imminent.

Will the White House continue to deny that you can't have a strong economy with a $250 billion deficit?

By the way, did you know that 41% of your 2006 federal income tax dollars paid for war?

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Mary Shaw is a Philadelphia-based writer and activist, with a focus on politics, human rights, and social justice. She is a former Philadelphia Area Coordinator for the Nobel-Prize-winning human rights group Amnesty International, and her views (more...)
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