Thursday, October 30, 2008

Our Amazing Shrinking Economy

It defies common sense.... as our "Economy Shrinks in Third Quarter," (WaPo) John McCain is still campaigning on a tax platform of tax cuts for the wealthy.

The theory is that giving tax breaks to the top 5% of taxpayers (corporations) will create jobs and benefits that "trickle down" to strengthen the "fundamentals of our economy."

We all know how that turned out... not just once, but time and again.

Ronald Reagan ran the country into deep debt with his "credit card" economy; Bush 41 dug the hole deeper (Clinton got it back on track); and Bush 43's dismal failure of trickle-down, tax-cuts-for-the-wealthy Reaganomics has resulted in bringing the country's economy to its knees.

The news today... the "U.S. economy shrank from July through September, confirming an economic slowdown that was already showing itself through steady job losses and declining consumer sales.

"Gross Domestic Product fell 0.3 percent on an annualized basis for the third quarter of the year, as consumers and businesses both curbed spending."

But it could have been much worse.... if government hadn't "increased their spending by 1.15 percent to GDP."

Yet in the face of this colossal failure, McCain is still pushing voo-doo Reaganomics, calling Barack Obama's tax plan to give tax breaks to the middle class socialism and worse.

McCain the magician wants you to keep your eyes on the pretty lady while presenting his slight-of-hand amazing shrinking economy.

Voters have seen this trick before. Vote. It really matters!

No comments: