Friday, August 06, 2004

Economic recovery?

A pitiful increase in jobs (32,000), a drop in real wages, a huge decrease in consumer spending--these figures dominate the economic reality in America. The stock market, which has stumbled to new lows for 2004, knows that we're going backwards.

And yet the Wall Street pundits say "the economy is growing," "corporate earnings are strong," and so forth. Bottom line: consider the sources. Those who are telling us that "things are getting better" have a stake in making us believe that. Republicans and businessmen who want Bush re-elected, and Wall Street types who are hoping we'll keep investing in the market so they can gain commissions.

Fact is, only the rich are getting richer in Bush's economy. The rest of us are floating on an outgoing tide or are drowning.

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