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Friday, August 18, 2006

Bush Economy Booming!

President Bush today announced that the economy is doing great and projected timetables to pay down half the debt he built up will be ahead of schedule by one full year. His reasoning for this miraculous turnaround is that his tax cuts are feeding the nations economy? Someone please slap me upside the head. I must be just stupid! This story from the AP and on the Washington Post must be a lie too.

Today Ford Motor Company announced a shutdown of most of its North American plants due to bloated inventories and a continued plan to slash 25,000 to 30,000 jobs on top of that.

General Motors is feeling the love of the Bush economic boom and cutting 30,000 jobs. Apparently, the Presidents tax cuts are being spent on other things besides cars, trucks and SUV’s. This story of a collapsing economy from NPR must be a lie too!

I have to admit that I am not an economist but the reason the debt is being paid down faster is pretty simple to me. If you double the cost of a gallon of gasoline then the taxes taken in double as well? Let us just look at how much profit the oil industry is begrudgingly taking in. Record breaking corporate profits also follows record breaking corporate tax payments. DUH!

One thing to seriously point out is the profits that all these oil companies are admitting to are after tax profits. Things that make you go hmmmm?

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