Thursday, June 07, 2007

Long Memory Can be Taxing

posted by Bill Arnett @ 12:57 PM Permalink

Remember when bush was pushing for Social Security Reform and the more people listened to him harping it, the more support he lost?

Remember the lie that if people could invest a portion of their income themselves, that a 3.5% annual growth in GDP, supposedly an easy feat, would give them more money for retirement?

Remember how virtually every statistic released by bush's sycophants citing growth, employment, job creation, etc., has to be revised downward a couple of months later?

Remember the just revised figure of less than 1% growth (0.6% to be exact) in GDP for the first quarter right in the midst of bush's supposedly "strong" economy?

As Ronnie Raygun would have said, "Well, there they go again." See this article from Raw Story/AFP:
The White House on Wednesday trimmed its US economic growth forecast for 2007 to 2.3 percent, while saying the slow pace of activity early this year would pick up as the year progresses.…The semiannual forecast was cut from 2.9 percent six months ago, and is roughly in line with the outlook of most private economists in light of a sharp slowdown in the first quarter of the year.…The White House forecast, used for federal revenue and budget projections, indicated that the slowdown to a 0.6 percent growth pace in the January-March quarter was likely to be transitory and that activity was showing signs of accelerating.
I am no economist and not a great mathematician (as I have proven here before!), but it seems to me that anyone who would have bought into that "investment account" would be hurting badly now, and figures like these would virtually guarantee more senior citizens living in poverty at retirement time.

So every time you hear how "strong" the economy is, remember to check the facts for yourself because this government lies shamelessly.


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