Article: Sen. Bernie Sanders: Why He Opposes the Nussle Appointment as OMB Director

When the President tells us the economy is doing great, the truth is that he is right, in one sense. The economy is not doing well for the middle class. It is not doing well for working families. Poverty, over the past six years, is increasing. But the President is right when he says the economy is doing well for the wealthiest people in this country. That is true.

Today, the upper 1 percent of families in America have not had it so good since the 1920s.

In 2005, while average incomes for the bottom 90 percent of Americans declined by $172, the wealthiest 1/100th of 1 percent reported an average income of $25.7 million, a 1-year increase of $4.4 million.

In 2005, the top 1 percent of Americans received the largest share of national income since 1928. And, we all know what happened in 1929.

Today, the top 300,000 Americans now earn nearly as much income as the bottom 150 million Americans combined.

The collective net worth of the wealthiest 400 Americans increased by $120 billion last year to $1.25 trillion, according to Forbes Magazine. The 400 wealthiest Americans are worth $1.25 trillion.

The top one percent owns more wealth than the bottom 90 percent.

The rich are getting richer, the middle class is shrinking, and the gap between the rich and everyone else is growing wider.

Now, Mr. President, what does all of this have to do with the next Director of the Office of Management and Budget? In my opinion, it has a lot to do with it.

A budget, after all, is more than a long list of numbers.

The federal budget, like any family budget is a statement of our nation's values and priorities. In fact, the federal budget is a statement of what our country is all about.

We would all, I think, find it irresponsible and counterproductive if a family spent all of their money on an expensive vacation, didn't have enough money to pay the rent and wound up out on the street. Most of us would view this as an example of misplaced priorities. The family, in this case, is spending money where it shouldn't and not spending it where it should.

Preparing the federal budget is exactly the same process.

It's about spending taxpayer dollars where we should and not spending it where we should not.

It's about taking a hard look at the needs of our people and prioritizing the budget in an intelligent and rationale way.

Now, in February, the President told us about his values and his priorities when he submitted his Fiscal Year 2008 Budget to Congress.

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