Originally Posted by Rylan1
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Poverty increasing. The poverty rate increased from 12.1 percent in 2002 to 12.5 percent last year. After falling for seven consecutive years and, in 2000, reaching its lowest level since 1974, the poverty rate has climbed for the last three years, with 4.3 million more Americans living in poverty last year than in 2000.
Real income falling. Real median household income has fallen for three consecutive years. Median household income fell to $43,318 last year - a drop of more than $1,500 from $44,853 in 2000 (in 2003 dollars; i.e., adjusted for inflation). Median income provides a measure of the typical household, where half of all households earn more and half earn less. The first President Bush and President Ford are the only other recent Presidents to see real income decline during their term, but neither saw income losses as great as we have experienced under the current President Bush.
A record deficit. The budget surpluses that President Bush inherited have disappeared. Our budget outlook has deteriorated each year he has been in office as record surpluses turned to record deficits of $374 billion in 2003 and an estimated $415 billion in 2004. Massive deficits are now projected for the foreseeable future.
A record debt increase. Last year, Congress passed the largest increase in the debt ceiling in our history, a $984 billion raise in the limit. The previous high was a $915 billion increase in November, 1990, under the first President Bush. Another increase is necessary to prevent the United States from going into default for the first time in our history.
Worst fiscal reversal in history. Unfortunately, this is not a temporary deficit resulting from an economic slowdown or the costs of the war on terrorism. Instead, the Administration is proposing deficits as far as the eye can see, with the Congressional Budget Office projecting deficits over the next decade of $2.3 trillion under current law and about $3 trillion under the President's budget proposals.
Stock markets fall. The Dow, NASDAQ, and S&P 500 stock indices have all declined since President Bush took office. The declining market reflects investors' confidence in the economy. But it has also wiped out hundreds of billions of dollars in assets, including significant retirement funds, made it more difficult and expensive for businesses to raise capital, and reduced consumer spending.
Republicans dig a deeper hole. The economy has remained sluggish despite enactment of tax cuts that the Administration claimed would revive the economy. Instead of reevaluating their failed policy, the Administration and congressional Republicans have simply offered more of the same. Yet the economy continues to produce millions of jobs less than the Administration predicted would result from its tax cuts. Meanwhile, the massive deficits that the President and Republican Congress have created will significantly reduce future economic growth and place a higher tax burden on future generatio
Cite your cut and paste reference. This is a skewed liberal propaganda take on the economy
