Bush's greatest legacy may be the complete dismantling of the infrastructure creating America's Middle Class. Its actual quite amazing, that Bush can have any support beyond the ridiculously wealthy. Tax incentives to move jobs oversees, cutting education at all levels, ending seniors economic security, ending middle class protection for permanent debt through bankruptcy, doing nothing to stem the rising cost of health care, cutting oversight to consumer protection, cutting ability of people to pay for medical bills incurred do to others causing them injuries, across the board cuts to programs designed to foster a growing middle class, and ending all protections of the environment we live in. The United States greatest achievement may be being the first nation ON EARTH to have more people out of poverty and ending the extreme income distributions that have plagued world history. It is that dream that we should not have to struggle day-to-day just to live and provide for our families, that has seemed so promising to so many people around the world. That is what we are fighting against. The interests of the super-rich winning against those of the people. In truth, it was the convergence of government initiatives and corporate interests that helped create the middle class. Ford, and the likes wanted people to have enough money to buy their goods, and government actually worked to make that happen. Now we have another convergence. Bush's policies assaulting the middle class, corporations more interested in their own bottom line than America's well being, and a media owned by those same corporations and selfish interests. The worst part about it, is that WE HAVE THE POWER. "There is nothing wrong in Washington, a good election can't fix." Al Franken likes to say. And if you don't want your jobs to go to India, DON'T SHOP AT CORPORATIONS THAT SEND YOUR JOBS TO INDIA
Bush is trying to line his pockets, and in the process he is ending our protections. And we need to speak up.
Prices and unemployment are up, wages are down, and Americans are struggling to break even with more households than ever declaring bankruptcy. For more on the president's economic summit, read American Progress's, "What the Cheerleaders Won't Tell You." PROPERTY TAXES ARE UP: With the federal government cutting funding for programs, states are stuck with the tab. Across the country, that means higher property taxes. And according to the Christian Science Monitor, "the levies are squeezing the middle class and senior citizens - leaving them less to spend on everything from restaurants to roof repair." Lehigh County in eastern Pennsylvania, for example, is considering a 70 percent hike in property taxes. In New York, "Mayor Michael Bloomberg is proposing a 25 percent hike, which he says is needed to bridge a projected $6.5 billion budget gap next year. In Westwood Hills, an upscale suburb of Kansas City, residents are facing a 19.2 percent property-tax hike. And in Philadelphia, hundreds of homeowners are appealing recent recent property tax increases as high as 100 percent."
PRESCRIPTION DRUGS COST MORE: According to a new study by the AARP, drug prices over the past year rose an average of 7.4 percent, "or more than three times the 2.3 percent rate of general inflation in that period." The reason? The AARP "didn't examine the reason for the price trends, but noted that the Medicare drug-discount cards came out in June." To get ready for the discount cards created by the White House's industry-backed Medicare bill, many companies decided to protect their profits by jacking up the price of their most popular medications.
COLLEGE TUITION ON THE RISE, PELL GRANTS CUT: It's getting more expensive to go to college and, thanks to the White House, harder to pay for it. The average tuition for a four-year public university "jumped 10.5 percent this year." In the omnibus spending bill President Bush signed last week, the formula used to calculate financial aid in the form of Pell grants has been adjusted to to "adjust" its formulas for calculating financial aid, a move which will "reduce grants for 1.2 million students and cut off aid completely to about 90,000."
MAKING LESS MONEY: The growth in wages fell dramatically over the past four years. In 2000, median weekly wages grew by 4.9 percent. This fell to a mere 2.0 percent in 2003. Adjusted for inflation that means "that wages fell slightly in real terms in 2003 for the first time since 1996." This trend continued in 2004. After taking account of inflation, earnings in October 2004 were below those in December 2003.
JOB TRAINING FUNDS SLASHED: Twenty-five years ago, the federal government spent $27.3 billion on the federal job training program. Today, that's been cut by over 84 percent, to about $4.4 billion. Federal job training budgets have dropped $597 million since 2000 alone, making it that much harder for Americans trapped in poverty to find work and get off government assistance.
BIG DEFICITS MEAN LESS MONEY FOR EVERYONE: President Bush and his friends in Congress have been on a four year spending spree with tax cuts for the wealthy and preemptive war charged to the national credit card. When the nation reached its $7.38 trillion credit limit last month, reckless conservatives simply gave themselves a $650 billion increase in their credit limit. Why this matters: Large-scale borrowing by the federal government means less money is available for average Americans to borrow when they want to buy a house or a car, or pay for college tuition. That smaller pool of money available for loans leads to higher interest rates – which not only puts a squeeze on individual consumers but also slows the rate of economic growth. That means, in the long run, fewer jobs, low wage growth and less money coming into the federal Treasury. Also, interest payments on the mounting debt, which exceeded $321 billion in fiscal year 2004, means less money for other priorities like education and health care. PBU16 |