Chickens Home to Roost

[marmar]

from OurFuture.org:



Chickens Home to Roost
By Leo Gerard

October 7th, 2008 - 10:12am ET



While the recently passed bailout bill may or may not help to stabilize the credit markets (and on Monday it looked as if it may have in fact made it worse) it is absolutely clear that it does nothing to address the fundamental cause of this crisis – declining home prices and eight years of stagnant wages for the overwhelming majority of working families.

George W. Bush’s chickens have come home to roost, and they’re not pretty.

With the full support of Arizona Sen. John McCain, who voted with him 90 percent of the time, eight years of the Bush-McCain philosophy have left us in a terrible mess:

* 138 trade deals – every single one enthusiastically supported by McCain – have contributed to a loss of 3.9 million manufacturing jobs and the growth of our current account balance by $4.4 trillion.

* A federal budget, which was running a $236 billion surplus in 2000, will balloon to an estimated deficit of $407 billion in fiscal 2008, and perhaps $500 billion in 2009.

* And last week we learned that another 159,000 jobs were lost last month, many more than expected and the worst job losses in five years.

We have mortgaged not just our homes but our entire future to foreign governments that have made clear in recent days that they care not one wit for the concerns of America’s working families. The people with the leverage are now the Chinese, the Russians and the oil-producing countries, each of whom will want assurances that the debt they hold now and the new debt they will soon be buying are worth something. .......(more)

The complete piece is at: http://www.ourfuture.org/blog-entry/2008104107/untie-noose-rebuild-us-manufacturing

[Mrs. Overall]

1. Yep, and it ain't pretty:

[Eric J in MN]

2. Won't the budget deficit this year be over $700 billion?

NT

[Zenlitened]

3. You got a chicken? I'm jealous. - n/t