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Mar. 7, 2006 Conservative ignoramuses--fed a steady diet of Fox News, Rush Limbaugh, and the Wall Street Journal--think George W. Bush gave Americans a tax cut, and they believe this so called tax cut has stimulated the economy. These assumptions are easily demonstrated as false because the truth is just the opposite. Republicans have brought back the kind of Laissez-Faire economics that caused and exacerbated the Great Depression of the 1930's. There are many troubling signs that parallel those of the roaring twenties when supposedly times were good, but in reality they were not. This article is a reality check for anyone who thinks the economy is better under republican rule. George W. Bush's supposed tax cut was little more than short term bribery. By sending a few dollars back to taxpayers, Mr. Bush hoped to buy votes for the 2004 election, but what he did was really not a tax cut. Republicans did not balance the budget so the government is forced to borrow money to pay for the deficit. Eventually, the government is going to have to pay that money back with interest, and the only way this can be done is by either raising taxes or printing money. In the long run Americans will be faced with either a large, long term tax increase or hyper inflation. Republican policies favor banks and credit cards. Last year, for the first time ever, Americans borrowed more than they saved. Banks own all the major credit card companies so this development is good for them. Now, bankers are getting richer, while the working class and middle class are getting poorer. Instead of banks paying small interest on savings accounts, they are forcing hard working people in debt to pay high credit card interest. Laws passed by republicans helped credit card companies collect on debts, but did nothing to curb their aggressive solicitation of new customers. It is true that corporate profits are at an all time hight, and some people falsely assume this is good for the economy. Actually, large corporate profits are a bad sign. The reason corporations are raking in all this money is because they are paying so little for labor. Republicans refuse to raise minimum wage thus depressing wages across the board. Last year, when adjusted for inflation, the average worker's income declined. To make matters worse, labor unions are weakening, another parallel with the pre-depression years of the 1920's. Labor union membership declined during this time period as corporate profits skyrocketed. Income inequality was one of the causes of the Great Depression (because nobody had money to spend on goods), and income inequality is increasing under republicans. Money was being concentrated in the hands of fewer and fewer people. The same thing is happening today. Unfortunately, there is a disconnect between reality and people's perceptions. Twenty seven percent of people think they are in the richest one percent bracket and are more likely to support politicians whose economic policies favor only the ultra rich. Since 2002 when Bush's short term bribery began to supposedly stimulate the economy, the number of children living in poverty has increased. This is not a sign that the economy is doing well. Poverty rates also increased in the decade prior to the Great Depression. A severe recession or possibly even a depression may be right around the corner. Families will be maxing out on credit cards and despite both parents working multiple jobs, they will be unable to pay bills and buy products. The ultra rich will hoard there money (ill gotten with greed). Watch Wall Street collapse when no one has any money to buy products with. The seeds of this economic crisis are being sown by republican rule. ------------ About the author Mark Gelbart: My book, Talk Radio, is a black comedy about a radio talk show host who gets kidnapped and psychologically tortured by a loser. www.mark-gelbart.com Email: agelbart@aol.com Comment on this article here! ------------ All articles are EXCLUSIVE to Useless-Knowledge.com and are not allowed to be posted on other websites. ARTICLE THIEVES WILL BE PROSECUTED! |
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