The new Treasury secretary, Henry M. Paulson, Jr., continued with the Administration's propaganda at his confirmation hearing in June when he said that "economic growth, job growth, productivity growth, hopefully will be followed by increases in wage income."
More smoke being blown up you know where!
The growing income gap - and the rise of the super-rich - demands attention. It is making America a less fair society, and a less stable one.
An indication of the growth in income inequity is born out by a study on total net worth that the Federal Reserve has conducted every three years since 1989, the wealthiest "1 percent" of Americans accounted for 33.4 percent of total net worth in 2004, compared to 30.1 percent in 1989. Over the same period, the other Americans in the top 10 percent saw their share of the nation's net worth basically stagnate, at about 36 percent, while the bottom 50 percent accounted for just "2.5 percent" of the wealth in 2004, compared to 3.0 percent in 1989.
As Marie Antoinette said, "Let them eat cake!" Or as Barbara Bush said with a chuckle, of the Hurricane Katrina survivors living in the Huston Astrodome, "because so many of the people [harmed] were underprivileged anyway, "the disaster is working very well for them." Or as George W. Bush said while attending Harvard Law School, "People are poor because they are lazy."
These people and the super-rich Americans like them have no empathy for people like the 99% of Americans that are trying to scratch out a living and support their families, while they get hammered economically again and again as a result of corporate lobbyist written legislation that is championed by the Republicans and their corporatist clones in the Democratic Party (Can you say "the Democratic Leadership Council") who continue to feed from the public trough. These guys don't even read the legislation, all they know is that if they support it the campaign contributions will come flowing in and many, many expensive perks will be showered on them. Now if you think these super-rich elites or these "paid" politicians have your best interests at heart or that they are working for the "common good", I have a bridge that I want to sell you.
So let's take a look at what effect this entire largess for the wealthy has had on the American people and the American family.
The National Debt Which Your Children and Your Children's Children Will Have to Pay Off:
10 year budget "SURPLUS" projected when Bush came into
office in 2001 - $5.6 trillion
10 year additional (Today's Deficit is $8.3 Trillion) budget DEFICITS
projected from now through 2016 under Bush policies - $8.5 Trillion
The National Debt the Year before Bush Took Office - $5.6 Trillion
The National Debt Today - $8.3 Trillion
Current Increase in the Debt Per Day - $1.75 Billion
The Trade Deficit - What We're Really Paying For Those "Cheap T-Shirts":
The Total 2005 Trade Deficit - $720 Billion
The 2005 Trade Deficit with China Alone - $202 Billion
The Projected 2006 Trade Deficit - Over $800 Billion
The Wealth Gap:
The US Rank in the Gap between the Richest and Poorest Among the
Developed Countries - 1st
The Percent of Wealth Owned by the Richest 1% of Americans - 33.4%
The Percent of Wealth Owned by the bottom 90% of Americans - 30.4%
The Percent of Wealth Owned by to bottom 50% of Americans - 2.5%
Jobs Reinforcing my Claim that this Administration Touted Economic Recovery Has Been a "Jobless Recovery":
The Percentage of the American Workforce Employed in 2000 - 64.4%
The Percentage Employed Today - 62.9%
The Net Job Creation During the Clinton Administration (8 Years) - 22.7 Million
The Net Job Creation Under Bush (5 ½ Years) - 2.6 Million
The Number of Manufacturing Jobs Lost Under Bush - 2.9 Million
The Number of Jobs Needed Each Month to Cover Growing Workforce - 150,000
The Average Number of Jobs Created Each Month Under Bush - 41,000
The Official Unemployment Rate (7 Million People) - 4.6%What This Rate Doesn't Count
o The Number of Long Term Unemployed Americans - 1.4 Million
o Discouraged Workers That Have Given Up - 323,000
o Underemployed and Part Time Workers - 14 Million
o The Number Working More Than One Job - 7.8 Million
Of the 30 occupations projected to have the greatest job growth between now and 2014, only six require as much as a bachelor's degree. Most are service jobs requiring only short term on-the-job training and are low or very low paying with minimum or no benefits. The first high tech job position ranked in the top 30 comes in at number "19" and is computer software engineers. (Only 222,000 of those will be required between now and 2014!). My question to the Bushevicks, "when our kids and our laid off workers are told that they need a higher education or retraining to get the jobs for the 21st Century, what are these fantastic high paying jobs and what mythical training is required?"