Bush's Rising Tide Not Lifting All Boats

Under the Bush regime, the rising tide of record corporate earnings and
profits are lifting the yachts of the wealthy few but the boats of the
middle class are sinking under the weight of stagnant wages and rising
costs for energy, health care and college tuition.

Bush has given us a "Scrooge economy" where tax cuts to the wealthy has
not resulted in the promised boost in employment and wages. Instead of
"trickle down" it's a "torrent up." If corporations are rolling in record
profits and earnings, why not pass on some of the good fortune in the
form of higher wages? Replying with "global competition" is not an
acceptable answer. All of the domestic jobs that are easily outsourced or
offshored were axed long ago.

The problem with the American economy is a shortage of demand that is
fueled by employment and wages. Instead, we have demand fueled by
mortgage debt.

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http://www.americanprogress.org/site/pp.asp?c=biJRJ8OVF&b=856673

"The first half of 2005 was hard on middle-class families. As wage and
employment growth trends remain at near-zero levels, energy prices are
rising at an accelerated pace. The unaffordable corporate tax cuts
continue to take their toll on the federal budget as government revenue
remains low by historic standards.

"The weak labor market persisted despite massive tax cuts, which were
targeted especially at higher income earners and corporations. The result
was the lowest revenue collection relative to GDP since the early 1970s.

"While massive tax cuts trickled down to households on average,
corporations, which saw record profit levels, continue to see their
contribution to the federal government's finances drop to its lowest
levels since World War II.
.

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