February 1, 2006
It must look good from the inside
Our Fine President loves to go on and on about how great the economy is doing after he gave it a shove in the ass with his big tax cut. All the indicators he points to show economic growth, new job creation, with just the tiniest smidgeon of inflation. From where he sits, we’re the envy of the world.
“Our economy is healthy and vigorous, and growing faster than other major industrialized nations.” he quipped during the State of the Union Address last night.
It’s funny because from where I’m sitting, the economy seems to be treading water against a current that’s pushing us ever so slightly backwards. I’ve got a good job, with plenty of benefits and a host of silly perks I probably don’t deserve. I’ve gotten a decent, if not jawdropping raise the last couple of years. It’s been just about the same percentage as the annual percentage rate. It’s strange that I’m still not able to put any more money away or splurge for new things beyond my regular budge isn’t it.
It seems there is an explanation for that. While Bush has his numbers to cite when he crows about his tax cut-fed economy, there’s also numbers out there showing that most American workers are not doing well in this economy. A Congressional Budget Office study showed that from 2002 to 2003 incomes fell for the bottom 20 percent of workers and remained stagnant for those in the middle. Those with the top incomes saw them continue to rise during that period.
This disparity in income levels is splitting the economy. The rich are growing richer while the poor are falling behind in both on hand cash and political clout. Another CBO study shows that in 2003 the top 1 percent of households owned 57.5 percent of corporate wealth, up from 38.7 percent in 1991. The funny thing is that corporate wealth share fell for every group behind that elite 1 percent of the population.
Things really must seem extra keen from inside that top 1 percent bubble. The people in there are getting the biggest raises and owning more and more of America each and every year. Sure gas and other utility prices are jumping and the price to stay or get healthy is racing alongside, but those raises and extra investment earnings help offset things. Unfortunately those of us on the outside of the bubble are figuring out what we can do without in order to pay the higher price of necessities without much more in our wallets.
true that. double true…