Ponder This: Nation’s Economy Doesn’t Need Another Tax Cut for the Wealthy

[Omaha Steve]

http://blog.aflcio.org/2008/01/07/ponder-this-nations-economy-doesnt-need-another-tax-cut-for-the-wealthy/

by Tula Connell, Jan 7, 2008

When the Labor Department’s jobs report revealed on Friday that U.S. unemployment had worsened to 5 percent, two major newspapers ran telling headlines the same day.

The Wall Street Journal:

Bush is mulling a potential economic stimulus package amid worries about a possible recession, the housing slump and rising oil prices. (Subscription required.)

The Washington Post:

Bush Exploring Economic Stimulus Package

“Mulling” and “exploring” aren’t exactly the verbs we could hope to hear from the Economist in Chief this far into the nation’s subprime crisis, soaring oil prices, worsening income inequality and tanking job market.



Bush is making noises now about including some steps to revive the economy in his last State of the Union address this month. Not because the Bush administration believes anything should be done. Just today, Treasury Secretary Henry Paulson warned against “rushing economic stimulus.” More likely, if Bush gives any indication the U.S. economy is nothing less than “sound“—a description he used as late as Friday—it has something to do with elections this November.

And as long as he’s forced to do something about the economy, might as well give his rich friends another tax cut.

Meanwhile, the signs of a tottering economy continue.

* The number of part-time workers rose 9 percent from 2006 to 2007 because of slower business condition, according to Labor Department data reported by The Wall Street Journal.

Since August of 2007, the upward trend has accelerated, and it ticked up again in December to 3.1 million people, the highest monthly figure in four years.

The Labor Department defines part-time work as fewer than 35 hours per week.

FULL story at link.

[Hydra]

1. Yeah, expect another handout to his cronies and economic strata

After all, hasn't that been what his entire 7 years been about? Unlimited handouts for his friends and devastating cuts for everyone else.