Senator Kennedy responds to Bush's boast about economy

[Rose Siding]

Bush: "By pursuing pro-growth policies and restraining government spending, we will keep our economy the envy of the world".

Kennedy's righteously indignant response:

President Bush's rhetoric on the strength of the US economy may resonate on Wall Street but is out of step with Main Street, revealing how out of touch the Administration is with the lives of working Americans - especially those making the minimum wage.

Only this President and this Republican Congress would think that soaring gas prices, skyrocketing health care and education costs, stagnant wages, 37 million people in poverty and a $300 billion deficit add up to good economic news.

Minimum wage workers do many of the hardest, and most important, jobs in our society and their lives are becoming more difficult each and every day. Yet, they are not getting their fair share of the benefits from their hard work.

The paychecks of CEOs have soared by more than 73 percent since the last minimum wage increase, but the President and the Republican Congress refuse to give America's workers the raise they deserve.

AP via Fox

[TahitiNut]

1. Any questions?

[Lasher]

7. Yes, I have a couple of questions

[Master Mahon]

2. God I love this guy

I'm sure glad he's one Kennedy that's still around.
He's not perfect but he doesn't get the respect he deserves.

[wordpix2]

3. thank you, Ted, right on as usual

[babylonsister]

4. Go, Senator Kennedy! Keep stating the obvious,

and call them on their lies and spin.

[Rose Siding]

6. There you are

You've been away? Is everything alright?

[babylonsister]

8. Awww, thanks for asking, Rose!

Yes, I was gone for 2 weeks on vacation, without a computer! :banghead: I did have access to internet cafes so checked in on DU occasionally. I missed you all!


What a mess I find the world in today, a lot more so than usual. I'm just trying to get caught back up. Sure does seem convoluted to me at the moment.

[ninkasi]

5. Good for Ted Kennedy

Herr Chimp praising the economy is indicitive of the bubble he lives in. The haves, and the have mores, his base, as he has pointed out, are doing great. They are doing great to the detrement of the rest of us, who are working longer, harder, and with our purching power eroded by gas prices. Fewer people have health insurance, but the HMOs are doing great. It's time to get the GOP out of power, and begin to rebuild our country.

[mom cat]

9. This is why I moved to Massachusetts. I was tired of living in the

dark ages.

[tulsakatz]

10. restraining govt spending?

Since when did these guys ever restrain any kind of spending? Bush has NEVER vetoed a bill......including spending bills!! He's usually asking for more money, not less!!

Kennedy did a great job as usual!!

[stepnw1f]

11. I am Proud of This Man

and his family with all their imperfections. They have done so much for the people of this country, yet are attacked everyday by the dumb ass ditto heads who believe all the bullshit fed to them. Truly sad that they can't see through all the bullshit...

[lpbk2713]

12. Smirky thought he could get away with saying this bullshit on a weekend.

He thought he could slide it by the MSM without being challenged.


He failed to take Teddy into account. Thanks Teddy..... :thumbsup: :thumbsup:

[Democrats_win]

13. The Joyless Economy.

by Paul Krugman
http://www.truthout.org/docs_2005/120505K.shtml

[Omaha Steve]

14. I voted for Ted in the 1980 primary

To bad he fell just short of beating Carter for the nomination. Carter was good, but I really think Ted could have beat Ronald McDonald in the general election.

[pacalo]

19. So did I. I had a couple of pictures of him hanging in my office.

I was heartbroken when he didn't get the nomination. Carter soon grew on me, though.

[formercia]

15. Voodoo Economics

The economy is doing great says Fearless leader but had you ever seen how this is all figured out? If you can, please let us all know how it's done.


http://www.kitco.com/ind/Schiff/jul132006.html

Pay No Attention to the Man Behind the Curtain


By Peter Schiff Printer Friendly Version

July 13, 2006
www.europac.net

In recent weeks, as the word “stagflation” has made a few appearances on the national media stage, many bullish skeptics, such as CNBC’s Steve Liesman, have downplayed the current “mini” stagflation with contrasts to the “real” variety of the 1970’s and early 1980’s. Such confidence however fails to recognize that we now measure economic activity and inflation with very different yardsticks than we did when Disco Duck topped the charts and Jimmy Carter wore sweaters. In reality, changes in the methodologies mean that the statistics bear as much resemblance as an 8-track to an iPod, and only serve to obscure the genuine threat we now face.

In the 1970’s and early 1980’s, “core CPI” included housing prices, and the basket was neither altered to reflect substitutions (in which stuff that had gone up in price is replaced by stuff that did not), nor were prices hedonically adjusted (a 5% increase transformed into a 3% decrease based on a subjective assessment of quality improvement). Similarly, changes have hit GDP assessments. For instance, 25 years ago GDP was calculated using a more honest deflator; business fixed investment expenditures were not hedonically adjusted ($5 billion spent on computers recorded as $50 billion, as computing power increased by a factor of 10 over the benchmark year), and phantom payments were not included (imputed income on owner-occupied housing counted as rents, or free checking accounts recorded as interest payments).

In addition, comparisons using “core” inflation numbers, which was the case in Liesman’s example, leave out energy prices, which have been particularly effected by the current round of inflation, and food, which in my opinion is about to follow in energy’s footsteps. In fact, as I write this commentary, crude oil prices are up almost three dollars per barrel today alone, hitting a new record high just shy of $78 dollars a barrel. In the last five years, crude oil prices have risen more than four-fold, with no end to the rally anywhere in sight.

Over the years, the government has managed to “solve” economic problems merely by changing the way they are measured. By re-jiggering the manner in which CPI and GDP are calculated, the government misrepresents the true health of the economy, making it easier for incumbents to be re-elected. President Bush demonstrated this to perfection in his televised speech earlier this week. Despite a building sense among the population that the economy is shaky, the President was able to effectively say, “What are you complaining about, look how good you have it? Inflation is just 2.5% and the economy is growing at 4% per year. Why back in the seventies and eighties people had to struggle with 8% – 10% inflation and 1%- 2% growth.” The reality is that today’s generation is experiencing similar struggles.

--snip--

[WePurrsevere]

16. Ted Kennedy calls 'em like he sees 'em & as usual is absolutely correct.

:kick:

[Cocoa]

17. the dems are staying on message

thank you GOP for handing us the MINIMUM WAGE issue. :bounce:

[pacalo]

18. Right on! Common sense is the best weapon to use against Bush.