American Economy Cannot Survive Four More Years of Bush
Commentary ~ October 28, 2004: John Kerry is
right. Middle-class families can't afford four more years of a Bush
economy. George Bush is destroying the economic fabric of this country
right out from underneath nearly every American outside the elitist
crowd of his billionaire buddies.
As has been repeated ad nauseam, George W.
Bush is the first president in 72 years to lose jobs. In August,
the U.S. trade deficit widened to $54 billion, the second-highest
in a string of record monthly trade gaps that shows no sign of abating.
The result was the third straight monthly trade gap above $50 billion.
At the current rate, the trade deficit for the full year will total
$590 billion, well above last year's record of $496 billion. Check
out the following chart for an overview of how well the Bush family
has done at protecting the American economy:
The wider the trade deficit gets, the more dangerously
dependent the United States becomes on the money that foreigners
are effectively lending Americans to buy imported goods. Ultimately,
foreign investors might decide to dump their vast holdings of dollars,
U.S. Treasury bonds and other assets en masse, potentially causing
a devastating collapse of the American economy.
When Bush took office, one dollar bought about 1.25
euros. Four years later, one euro will buy $1.27 dollars. This means
it is now 50 percent more expensive for Americans to visit Europe.
But who cares? Bush conservatives hate Europe anyway and rarely
travel futher than their corner liquor store.
Under Bush’s watch, the price of oil has surged
70 percent this year alone – but hey, his family profits off
oil prices so that’s ok.
When Clinton was in office, the economy grew steadily
over the eight years he was in office. The Bush conservatives like
to claim this was because of a bubble, or the delayed effects of
Reaganomics. Either excuse is hogwash. Both the Dow Industrials,
which represent the backbone of big business in America, and the
S&P 500, which represents small business, experienced steady
and significant growth during the Clinton years, followed by a crash
immediately after Bush took power. This was because of a drop in
consumer confidence based on both the Bush coup d'etat, and his
doomsday rhetoric. The fact is the country is safer and more secure
under the Democrats and the success of the economy during these
years proves it:
While Bush's plan promises more of the same, John Kerry, on the
other hand, will restore fiscal responsibility by trimming excessive
government expenses, re-establishing budget caps on discretionary
spending and reinstating the Pay as you Go rule, which requires
politicians to specify how they will pay for their proposals. In
short, he will bring back the prosperity of the Clinton era when
our leaders knew how to lead with integrity.
Kerry’s plan for the economy will help make
American employers more competitive by bringing down their costs
and enabling them to create good paying jobs in the United States.
Kerry will end the tax breaks that encourage companies to outsource
jobs and use the savings to cut corporate taxes by 5 percent, providing
a tax break for 99 percent of companies.
Kerry also is proposing a New Jobs Tax Credit for
manufacturers, other businesses affected by outsourcing and small
businesses. Unlike President Bush, he will enforce our trade agreements
and ensure that all future agreements include enforceable labor
and environmental standards.
Kerry’s fiscal responsibility will help make
American businesses more competitive by ensuring that we do not
pass huge debts onto our children. He will keep interest rates lower
so that American businesses and families can invest more. Remember
-- during the 1990s, Kerry helped President Clinton balance the
budget while creating more than 23 million jobs.
While Kerry wants to protect the jobs and livelihoods
of the American people, the only job Bush is interested in protecting
is his own. If he wins, the American economy – and with it
the well-being of millions of Americans -- will collapse.
Of course Bush conservatives will argue these facts
until their faces are as red as their necks. Their love for the
Oil King Caligula is so pervasive it blinds them to the facts.
