Are we really in "economic recovery"? - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

2.29.04

Are we really in "economic recovery"?

     President Bush was supposed to be in Charlotte this week, carrying his message of economic recovery to a state where thousands of jobs have been lost. It would have been a hard sell. It was just a week after the president backed away from previous white house predictions that the economy will add 2.6 million jobs this year. The economy has lost 2.2 million payroll jobs since Mr. Bush took office--the worst job creation of any president since Herbert Hoover. The national debt is at a record level, and headed skyward. The tax cuts ordered for the mostly already-rich have so far failed to trickle down; in fact, the money seems to have disappeared, while at the same time, lavish salaries, perks, and golden parachutes for big business executives remain high. The promised industrial building boom which was supposed to boost prosperity for the proletariat has not materialized. Also, economic pooh bah, Alan Greenspan warns that unless the deficit is brought down, soon, he recommends that there be cuts in social security benefits (which you have already paid for all your working life), and medicare re-inbursements (which are already meager compared to health care in other developed countries). We are not in real good shape. Don't get me wrong I fervently hope Mr. Bush's economic strategy works, and soon, or we'll all be in box.
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