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Blog of Mass Destruction

What 2008's Economy Will Look Like

By The Reverend Published: January 4, 2008

I'm not sure who or what Junior and the Republicans can blame their own failed economic stewardship on......but I'm positive, he and the wizards of lassiez-faire, supply side superstition will not look at their own role in virtually destroying the perfectly good economy Junior inherited in 2001.

Hiring practically stalled in December, driving the nation's unemployment rate up to a two-year high of 5 percent and fanning fears of a recession.
Employers last month added the fewest new jobs to their payrolls in more than four years, according to the employment report released Friday by the Labor Department. The report showed that employment conditions are deteriorating, strained by a housing slump and credit crunch that are sapping economic strength.


The unemployment rate jumped from 4.7 percent in November to 5 percent in December, the highest since November 2005 after the Gulf Coast hurricanes dealt the country a mighty blow. Total payrolls — both private employers and government — grew by just 18,000 last month, the worst showing since August 2003, when the economy suffered job losses as it struggled to recover from the 2001 recession.

On Wall Street, the stocks tumbled. The Dow Jones industrials were down more than 150 points in morning trading.

With the odds of a recession increasing, President Bush is exploring a package to stimulate the economy. Link

I just bet he is. "Exploring a package"...that is. And right now, I'm willing to wager that Junior's "package" will feature more breaks for the.....wait for it......wealthy. The same folks who have benefited the most from the last 7 years, gorging themselves on corporate tax breaks and tax cuts. The ones laid out by the Republican Party at their supply-side, constructed hog trough.

We're told, in this Lucy and Charlie Brown scenario, that when the wealthy get wealthier through the redistribution of tax dollars and the deregulation of corporate businesses.......somehow, that will create jobs, more tax revenue, a better economy for all Americans. Only thing is.....we wait, and we wait and this pipedream never comes true.

It won't come true this time either. Instead, just the opposite is happening. The economy, I think, will suffer tremendously in the next couple of years, at a minimum. The numbers ALL look bad.

What has happened to our economy by redistributing more of America's wealth and tax revenues upwards to those who are already wealthy? Falling employment, a falling stock market, falling IRA values, a falling dollar,...check that,...a collapsed dollar, historic and exponentially larger national deficits, record energy and gasoline prices causing inflationary movements in all product and service costs, more people without health coverage, not less...and...75% of our citizens believing our nation is headed in the wrong direction.

I gotta' hand it to the these economic cultists from the Republican Party. That supply side, hands off, give-the-wealthy-even-more approach really gets results, huh?

One other wager I think I would make as well......I bet the economic decline that has begun with Junior, under his leadership, will all be blamed on.....wait for this one too......Democrats.



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