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!

Words to Give By....

Presidents Reagan, Bush 41 and Bush 43 all ran our economy into the red, especially the reckless 43. And, waiting in the wings to continue the plunder.... McBush 44.

Please.... no more shining-city-on-a -hill rewriting of history. That shine was actually the mountain of $$ being shipped offshore, bulging from CEO's pockets and overflowing from Wall Street investment banks' coffers.

November 4.

McCain's Economic-Deathbed Conversion

A decade ago, John McCain embraced the bill proposed by his campaign finance guru, then-Sen. Phil Gramm (R-TX), to successfully push through the GOP-majority Senate the landmark legislation removing the walls between banking, investment and insurance companies.

That bill helped pave the way for companies such as Bear Stearns, Lehman and AIG to become behemoths laden with bad loans and investments. As if that wasn't enough of a boondoggle for his corporate buddies, McCain also continually pushed for less federal government regulation, telling the Wall Street Journal this March.... "I'm always for less regulation... I'd like to see a lot of the unnecessary government regulation eliminated."

But now, after the Lehman collapse and the stock market meltdown this week, he's singing a different tune... "McCain Embraces Regulation After Many Years of Opposition." (WaPo)

Yesterday, Barack Obama mocked "what he called McCain's 'newfound support for regulation' and accused his rival of backing 'a broken system in Washington that is breaking the American economy.'

"In a speech in Golden, Colo., Obama blamed the economic crisis on an 'economic philosophy' that he said McCain and President Bush supported blindly."

" 'John McCain has spent decades in Washington supporting financial institutions instead of their customers,' he told a crowd of about 2,100 at the Colorado School of Mines. 'So let's be clear: What we've seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed.' "

The "trickle down" philosophy Bush "41" disdainfully labeled "voodoo economics," was fully embraced by his rebellious son Bush "43".... corporate taxes were decreased and enticements given for shipping jobs overseas, regulatory oversights were relaxed or abolished and Ponzi-frenzied oligarchs were given free reign to pillage the populace. Sub-prime was the new platinum parachute to financial riches.... for the few.

While obscene profits trickled up, the financial strength of the country trickled away.

Now, the Bush administration frantically bails with taxpayer money and borrowed hundreds of billions to keep the economy afloat, while the GOP presidential candidate of the party that foisted these ruinous policies on the country.... the-fundamentals-of-our-economy-are-strong McSame.... has found campaign-season economic religion.

Or so he says.

But, as we have seen these past months, McCain's Straight Talk Express has maxed it's credit and is now running on the fumes of distortion and double-talk.

November!

Obama: Go For Thrilla in Phila...

Yesterday's substantial win in Wyoming's caucuses by Barack Obama.... 61% to 38%.... over "Ma Barker" Clinton (as dubbed by WSJ) helps him regain his Big Mo, but it's still far from an eight count. So, before the next big bouts in Mississippi and Pennsylvania, take off the gloves....

Not the smearing, innuendo, conniving and misleading gloves that land Ma Barker's low blows, but, as Maureen Dowd pointed out in "The Monster Mash," it's time for Obama to start seriously rebutting Hillary's kneecapping remarks.

As, for instance, her loud refrain that she has far more national security experience than Obama has, when as Dowd points out.... "Having a first lady tea in Belfast is not equivalent to bringing peace to Northern Ireland."

After his losses in Texas and Ohio, Obama needs to be more fierce about winning. Being "Wimpy Man" won't be a winning strategy for Obama.... Just ask Bush "41" who drug that defeatist label to a second-term loss.

As Dowd points out, "Hillary successfully recast herself in Ohio as a beer-drinking former waitress. Only after last week's reversals did the Obama camp raise a louder ruckus about her tax returns. Obviously, Ms. Night Shift does not want to reveal the details of the fortune that Bill Clinton has made, sometimes through dubious associations."

And, when it comes to Billary's campaigning methods, who would know them better than the former political adviser to President Bill, Dick Morris. While he thinks, "It's Over" for Hillary after her narrow wins in Texas and Ohio, he knows "Hillary won't withdraw".... and will bulldoze forward with "ever-escalating rhetoric."

Perhaps, as Morris suggests, in the next round Obama needs to unleash his own phone-rings-in-the-middle-of-the-night ad.... "have a woman's voice, with a flat Midwestern accent, answer it and say, 'Hold on' into the receiver. Then she should shout, 'Bill, it's for you!' "

That would land.... with Hillary's lack of any meaningful experience in foreign affairs.... a solid and telling blow!