The Center for American Progress seems to be stretching it by imputing more to a comparison of the economic results of Bush and Hoover than the facts, to date, warrant. Naturally, there are a fair number of similarities between the economic world each will leave behind, but I don't think that GDP will fall by 25% under Bush as it did under Hoover. Nor will the unemployment rate top 24%. But, hey, who knows where the fallout from Friday's triple header of the highest oil price ever, the highest unemployment rate in 22 years and a 395 point drop in the Dow will lead.There were some depressing facts in the report:- Bush has the lowest rate, 0.7%, of annual job creation since the Hoover days. His father holds the second lowest rate.
- Bush is the only presidency in which the average income of the wealthiest went up, while that of the average Joe went down.
- The average income of the top 10% wealthiest today is eight times that of the bottom 90%; from 1942 to 1987, it was 5 to 1.
I wonder what the per-capita debt was in 1932 compared to today's.
1 comment:
I think the unemployment figures are read on different scales now. Part time work is computed as employed and the people no longer getting unemployment are not counted. It is all smoke and mirrors.
Interesting article though.
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