If You’re Not a Big Bank, Don’t Expect Bush to Help

[Omaha Steve]

http://blog.aflcio.org/2008/02/29/if-youre-not-a-big-bank-dont-expect-bush-to-help/

by Tula Connell, Feb 29, 2008



With so much bad economic news piling up, it’s hard not to list a few of the more recent indicators that the U.S. economy is in trouble. Just in recent days, we’ve learned the following.

* Paychecks have been shrinking for 80 percent of the U.S. workforce since October. Wage earners aren’t seeing just skimpier raises and higher prices. Real weekly earnings are falling faster than hourly earnings because the length of the work week is being cut as the job market weakens.

* 1.4 million people have exhausted their 26 weeks of unemployment compensation, but are still actively trying to find work. As Elizabeth Schulte says at Counterpunch: That’s the population of San Francisco—times two.

* Only one in five people in working families attains middle class, according to a new report by the Center for Economic and Policy Research (CEPR).

* The cost of family health insurance has skyrocketed 78 percent since 2001.
Meanwhile, the number of uninsured Americans has increased every year since President Bush took office, from 39.8 million in 2000 to a record high of 47 million in 2006.

* Some 8.8 million home owners—10.3 percent of all home owners—owe more on their homes than the homes are worth, according to Moody’s Economy.com. That’s the worst rate since the Depression.

* In December, revolving debt—an estimated 95 percent from credit cards—reached a record high of $943.5 billion, according to the Federal Reserve.

* Economic hard times fall hardest on African American and Latino workers. One in five African Americans and more than one-fourth of Hispanics don’t seek medical treatment because of the expense, and equal numbers are “very worried” about losing all health insurance coverage. For non-Hispanic whites, the numbers are 17 percent and 13 percent, respectively.

* Oil prices hit an all-time high this week, up to nearly barrel. The price of a gallon of gas is more than 110 percent higher than when Bush took office. (This is not an issue Bush worries about. As the Center for American Progress notes today, Bush has no clue about gas prices.)

* In 2007, the U.S. trade deficit with China worsened to a new record of $256 billion, clear evidence that China is reaping the benefits of unfair global trade at the expense of America’s working families.

Wow. And there’s still so much more to go….

FULL story at link.

[BlooInBloo]

1. Even if the government does try to do something for the little guy, DUers will rip them to shreds...

... bitching and whining about "Well **I** didn't play craps with **my** mortgage!! Why do **I** have to help pay for it!!"