quote:
Originally posted by DuplicateMan:
AFAIK, the Dems don't HAVE a message beyond "Bush sux"! Before the 02 midterms I saw an interview with a Dem (I forget who) about Bush's tax cuts, and the Dem just hemmed and hawwed, and didn't say anything. He said the tax cuts were bad, but apparently he wouldn't do anything about them except kvetch. And the economy is supposed to be where the Dems are the strongest!
quote:
Originally Posted by Al Gore
The same thing has been happening in economic policy, where we've also got another huge and threatening mess on our hands. I'm convinced that one reason we've had so many nasty surprises in our economy is that the country somehow got lots of false impressions about what we could expect from the big tax cuts that were enacted, including:

(1) The tax cuts would unleash a lot of new investment that would create lots of new jobs.

(2) We wouldn't have to worry about a return to big budget deficits -- because all the new growth in the economy caused by the tax cuts would lead to a lot of new revenue.

(3) Most of the benefits would go to average middle-income families, not to the wealthy, as some partisans claimed.

Unfortunately, here too, every single one of these impressions turned out to be wrong. Instead of creating jobs, for example, we are losing millions of jobs -- net losses for three years in a row. That hasn't happened since the Great Depression. As I've noted before, I was the first one laid off.

And it turns out that most of the benefits actually are going to the highest income Americans, who unfortunately are the least likely group to spend money in ways that create jobs during times when the economy is weak and unemployment is rising.

And of course the budget deficits are already the biggest ever -- with the worst still due to hit us. As a percentage of our economy, we've had bigger ones -- but these are by far the most dangerous we've ever had for two reasons: first, they're not temporary; they're structural and long-term; second, they are going to get even bigger just at the time when the big baby-boomer retirement surge starts.

Moreover, the global capital markets have begun to recognize the unprecedented size of this emerging fiscal catastrophe. In truth, the current Executive Branch of the U.S. Government is radically different from any since the McKinley Administration 100 years ago.

The 2001 winner of the Nobel Prize for Economics, George Akerlof, went even further last week in Germany when he told Der Spiegel, "This is the worst government the US has ever had in its more than 200 years of history...This is not normal government policy." In describing the impact of the Bush policies on America's future, Akerloff added, "What we have here is a form of looting."
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