Saturday, April 30, 2005

Someone is Paying Attention

And that person is, of course, Paul Krugman.
What's going on? Actually, it's quite simple: Mr. Bush and his party talk only to their base - corporate interests and the religious right - and are oblivious to everyone else's concerns.

The administration's upbeat view of the economy is a case in point. Corporate interests are doing very well. As a recent report from the Center on Budget and Policy Priorities points out, over the last three years profits grew at an annual rate of 14.5 percent after inflation, the fastest growth since World War II.

The story is very different for the great majority of Americans, who live off their wages, not dividends or capital gains, and aren't doing well at all. Over the past three years, wage and salary income grew less than in any other postwar recovery - less than a tenth as fast as profits. But wage-earning Americans aren't part of the base.
Yep. President Bush is kind of in his own world. What's that old Groucho Marx joke? "Your mind is wandering, and the longer it stays away the better."

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