Let Us Off Here, Mr. President
Did you hear the one about the economy that’s “turned a corner”? It’s a really bad joke that President Bush has been using sporadically the past few weeks.
Mr. Bush seems to think that if he says something often enough, it will become true. Probably part of his annointed man of God schtick. Problem is, it doesn’t work. Weapons of Mass Destruction. Saddam Hussein behind 9/11. It’s the annoying facts that keep tripping the Bush administration up.
The economy has made some miniscule gains, it’s true. At the same time, unfortunately for most of us, wages have fallen and the Bush Administration has decided to change the rules, denying overtime to 8 million Americans. Some new jobs have been created, but most of those jobs both pay less and require less education. Poverty is increasing at an unhealthy clip and bankruptcies are right behind.
It makes me wonder if that corner we’ve turned doesn’t lead up a dark alley.
According to the New York Times, since the last quarter of 2001, real G.D.P. (Gross Domestic Product) has risen 7.2 percent. Wages and salary, adjusted for inflation, are up only 0.6 percent. So, when you hear Bush on the stump talking about economic gains, remember that it means nothing to you and me unless wages keep pace, which they haven’t.
Eight million Americans are affected by the revamp in overtime laws. Under the new rules, workers making between $22,100 and $65,000 will also be excluded if they are deemed an executive, administrator or professional. The definition of these titles is being expanded to include those who have gained on-the-job training or served in the military.
But, even the change in overtime laws wouldn’t be so bad if personal income was on the rise. However, according to the US Conference of Mayors, the average wage for new jobs created during 2004-2005 is forecast to be significantly lower than those jobs lost between 2001-2003. A new recent study also showed that the bulk of the new jobs created between now and 2012 will not require as much education as previous jobs. Lower education requirements equal less pay.
All of this is wreaking havoc on individual families. Household bankruptcies reached a record $1.6 million in 2003 and experts believe the number will be even higher in 2004. Additionally, an estimated 11 million families are carrying enough debt that they are at high risk of bankruptcy. Ninety percent of these families are in the middle class.
With the national debt at a record high, American families are falling right in line. According to the Federal Reserve, in 2003 U.S. consumer debt topped $2 trillion for the first time in history. At the same time, personal savings has dropped 40 percent over the last decade.
Annual out-of-pocket medical expenses for workers, according to surveys by the Kaiser Family Foundation, are up 52 percent for individuals and 49 percent for families.
Finally, state budget cuts – necessitated by the Bush recession – have forced colleges to raise tuitions and fees, limiting access to higher education for low-income students. In 2003, public universities and colleges in 49 states increased their tuition.
So maybe we have turned a corner. If we have, though, I think we’re in a very bad part of town – the part of town where you roll your windows up, lock your doors and backtrack as quickly as possible.
I think we’d be okay if our president would simply turn around and get us out of here. But, I forgot to mention the second part of his stump statement. It goes like this, “We’ve turned a corner … and we aren’t going back!”
So, since he wants to keep driving, I have a question.
Mr. President? This is America. Could you just let us off here? We’ll walk back.
Please?
Mr. Bush seems to think that if he says something often enough, it will become true. Probably part of his annointed man of God schtick. Problem is, it doesn’t work. Weapons of Mass Destruction. Saddam Hussein behind 9/11. It’s the annoying facts that keep tripping the Bush administration up.
The economy has made some miniscule gains, it’s true. At the same time, unfortunately for most of us, wages have fallen and the Bush Administration has decided to change the rules, denying overtime to 8 million Americans. Some new jobs have been created, but most of those jobs both pay less and require less education. Poverty is increasing at an unhealthy clip and bankruptcies are right behind.
It makes me wonder if that corner we’ve turned doesn’t lead up a dark alley.
According to the New York Times, since the last quarter of 2001, real G.D.P. (Gross Domestic Product) has risen 7.2 percent. Wages and salary, adjusted for inflation, are up only 0.6 percent. So, when you hear Bush on the stump talking about economic gains, remember that it means nothing to you and me unless wages keep pace, which they haven’t.
Eight million Americans are affected by the revamp in overtime laws. Under the new rules, workers making between $22,100 and $65,000 will also be excluded if they are deemed an executive, administrator or professional. The definition of these titles is being expanded to include those who have gained on-the-job training or served in the military.
But, even the change in overtime laws wouldn’t be so bad if personal income was on the rise. However, according to the US Conference of Mayors, the average wage for new jobs created during 2004-2005 is forecast to be significantly lower than those jobs lost between 2001-2003. A new recent study also showed that the bulk of the new jobs created between now and 2012 will not require as much education as previous jobs. Lower education requirements equal less pay.
All of this is wreaking havoc on individual families. Household bankruptcies reached a record $1.6 million in 2003 and experts believe the number will be even higher in 2004. Additionally, an estimated 11 million families are carrying enough debt that they are at high risk of bankruptcy. Ninety percent of these families are in the middle class.
With the national debt at a record high, American families are falling right in line. According to the Federal Reserve, in 2003 U.S. consumer debt topped $2 trillion for the first time in history. At the same time, personal savings has dropped 40 percent over the last decade.
Annual out-of-pocket medical expenses for workers, according to surveys by the Kaiser Family Foundation, are up 52 percent for individuals and 49 percent for families.
Finally, state budget cuts – necessitated by the Bush recession – have forced colleges to raise tuitions and fees, limiting access to higher education for low-income students. In 2003, public universities and colleges in 49 states increased their tuition.
So maybe we have turned a corner. If we have, though, I think we’re in a very bad part of town – the part of town where you roll your windows up, lock your doors and backtrack as quickly as possible.
I think we’d be okay if our president would simply turn around and get us out of here. But, I forgot to mention the second part of his stump statement. It goes like this, “We’ve turned a corner … and we aren’t going back!”
So, since he wants to keep driving, I have a question.
Mr. President? This is America. Could you just let us off here? We’ll walk back.
Please?
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