Consumers are concerned about inflation, so they’re taking drastic measures, like not going to Starbucks for a whole week. Consumers are responding by tightening the purse strings. Sixty-four percent of people intend to cut indulgent spending this year according to a new survey by HSBC Bank USA. Another survey by Discover Financial Services confirms that sentiment. This month, half of consumers plan to cut down on non-essential spending like eating out, going to the movies and remodeling, according to the report. (CNN)
64% that is allot of people. What are the other 36% doing? Wait, what is the current President Bush’s ratings? Back in 2005 it was exactly 35%, according to the the Wall Street Journal. But today, a new poll has Bush breaking a new low in presidential approval ratings, beating out Harry Trumanâ’s 22%, at 19%.
What does that mean? It means, even though the purse strings are not tight for 16% of US Citizens they do not approve of Bush anymore. It also means that there is still almost 1/5th of this country that have money, that support bush and are holding all the money. These are the same people, ceo, oil companies, and other politically connected industries that are living off the lies and machinations of President Bush.
President Bush said, “I know this is a difficult time for our economy, but we recognized the problem early, and provided the economy with a booster shot. We will begin to see the impact over the coming months. And in the long run, we can have confidence that so long as we pursue pro-growth, low-tax policies that put faith in the American people, our economy will prosper.” (March 7, 2008)
Who is “we”? Who recognized the problem and what is it? We will see the impact of what? Impact of a dying economy or of prosperity? Faith in American people? What does he mean? US citizens? South America? Canada? Mexico? Who is going to save our economy? The 19% who hold the money and all the jobs hostage overseas?
In January, Present Bush signed an executive order for a pay raise for certain positions. He called it “Executive Order: Adjustments of Certain Rates of Pay” to make sure that these people got raises:
- Veterans Health Administration (note: not the entire VA system only these group of people quality for a raise:)
- Senior Executive Service
- Certain Executive, Legislative and Judicial Salaries
- The Vice President
- Justices and judges
In other news, a White House press briefing, March 7 2008, there is allot of double speak. So much double speak it would make ‘1984‘ look like a historical novel. In his remarks, Edward Lazear (Chairman of the Council of Economic Advisers) said:
“We think this is going to be our weakest quarter. We projected that, which is why the President initiated discussions of a stimulus package back in the fourth quarter. We were successful in having that package introduced in January and passed by Congress in February. Most observers — outside observers as well as those in the administration and in Congress — believe that the stimulus package will work. We expect that the economy will get stronger, primarily in the third quarter of this year — that is in the summer. So we expect to see strong growth in the summer, and this quarter will probably be our weakest quarter.”
Which I understand simply that we have a weak economy, especially this quarter. Right? Wrong. The press asked: ”
Q “When you say that this quarter will be the weakest quarter, are you expecting it to drop into negative territory?”
Chairman Lazear’s response:
“We don’t really know whether it will be negative or not.“
It was that the entire time. The only people that were using the taboo word ‘recession’ was the press. The panel in response to any question were the terms ‘weak’, ‘low’ and that using the word ‘recession’ is just a label only used by economists. Which mean, the press can’t use the label ‘recession’? Wait? What?
It smells like a recession, has all the technical feature of a recession, money is weak just like a recession…so technically it is a recession. But we can’t call it a recession because we can’t, the term is for only economists.
It is a recession. We are and have been in a recession since 9/11. All those people buying homes, that ‘sparked the economy’, was not just borrowed money, but borrowed time to create an illusion of financial security. When in fact, while the other Countries, affected by 9/11 are now in recovery mode, we are tearing off the bandaid and opening up the scab.
Time to save, not spend. That stimulus package, please do not spend a dime. Save it. Bank it.