On America’s economy … who’s winning, losing?

Voters need to be aware of the facts that keep coming out about the current state of the United States of America’s economy. These facts show that the Bush administration has cost this nation and its citizens dearly.

? On Aug. 6, CNN reported a “dismal jobs report” which showed that in July the U.S. economy only added 32,000 nonfarm payroll jobs. “Analysts were expecting 215,000-247,000 new jobs.” The Labor Department also revised downward the jobs report for May and June by 61,000 fewer jobs. (BDN, Aug. 7-8)

? The American economy needs to not only replace the jobs lost since George W. Bush took office, but to add more to account for the new additions to the labor force (305,000 additions in June). (BDN, July 3-4)

? 345,000 people filed new claims for unemployment benefits the week of July 23, 2004. (BDN, July 30)

? Factories decreased their orders and their employment roles in April and May and only slightly increased them in June. (BDN, July 3-4 and Aug. 5)

? Consumer spending decreased 0.7 percent in June – the steepest drop since September 2001. (BDN, Aug. 4)

? Wages and salaries fell after adjusting for inflation. (BDN, Aug. 4)

? Benefit costs rose 7.2 percent in the year from June 2003-2004, whereas wages rose 2.5 percent. (BDN, July 30)

? Nearly 9 million Americans lost their employer-provided health insurance from 2001-2003 with low-income and Hispanics feeling the biggest impact. (BDN, Aug. 3)

? Health care costs and health care insurance premiums continue to outpace workers’ incomes by a large margin. (BDN, Aug. 3) In the last four years in Maine, health insurance premiums have risen 77 percent while incomes have risen 6 percent. (BDN, Aug. 5)

? Americans pay $4000 more per year for the same or less adequate health care than citizens of other developed countries in the OECD. (The Washington Post, Aug. 8)

? On August 5, 2004, oil prices hit a record high of $44.75 a barrel. OPEC says it cannot increase production. (BDN, Aug. 5)

? The Bush-Cheney re-election campaign, having taken $3.6 million in campaign contributions from oil companies’ executives (Center for Responsive Politics as of June 25), has no plans to decrease dependence on foreign oil, such as raising fuel efficiency standards for vehicles and buildings which would also save consumers and businesses money and reduce pollution.

? On July 29, Exxon Mobil announced its largest profit ever of $5.79 billion; Shell’s profits grew 59 percent. Other oil companies did well. Exxon Mobil made $10.00 a barrel profit. Exxon is using profits to buy back shares. Oil companies and OPEC are not spending profits to explore for new sources of energy or increase production. (BDN, July 30 and July 31-Aug. 1)

? Consumers’ costs rose and will continue to rise due to higher gasoline and home heating costs. Future prices for home heating oil are 35 percent higher than last year. (BDN, July 5)

? Home-building rate decreased 8.5 percent in June – the lowest since May 2003. (BDN, July 21)

? The biggest beneficiaries of the Bush 2003 tax cuts are those making over $1 million. These 184,000 people saved $17 billion on their taxes. [That’s an average of a $92,000 tax cut for each for these 184,000 millionaires.] (BDN, July 21)

? The Concord Coalition wrote “The tax cuts were originally enacted in 2001 on the assumption that the nation would not be at war, that the Social Security surplus could continue to be set aside and, even with a $1.3 trillion tax cut, the public debt could be virtually eliminated by the end of the decade. All of these assumptions were wrong. … [Ellsworth American continues] the administration does not seem concerned about the rising federal deficit and increasing national debt.” (Ellsworth American, July 29)

? On July 30, the Bush administration predicted a record yearly federal deficit of $445 billion. When they took office, there was a yearly surplus. (BDN, July 31-Aug. 1)

? The total national debt as of Aug. 4 was $7,318,810,052,375.55 (more than $7.3 trillion). The total national debt on Jan. 19, 2001, two days before George W. Bush took office as president, was $5,727,776,738,304.55 (more than $5.7 trillion). (Personal communication, Ellsworth American, Aug. 4)

? President Clinton’s undersecretary of commerce for international trade policy, David Rothkopf, wrote, “Having a National Economic Strategy should be mandated by self-interest and common sense.” Yet Bush’s U.S. treasury secretary said, “There is no more serious threat to our economy than the threat of terrorist attacks on our soil.”

Almost any of the biggest domestic economic problems “is a greater threat to the economy than virtually any imaginable form of terrorism.” The budget and trade deficits … the $72 trillion in unfunded future retirement and health care obligations and record low savings rate and the “… hemorrhaging of manufacturing jobs and the cost of fixing our dysfunctional health care and energy systems. … There is little point in producing a National Security Strategy every year if we ignore the wellsprings of that security – the economic might that underlies our military strength, our political clout and our internal stability.” (The Washington Post, Aug. 8)

? President Nixon’s commerce secretary, Peter Peterson, wrote, “Let’s look again at the deficit twins in government and trade. Most serious analysts forecast that we face about $5 trillion in federal budget deficits during the coming decade, just when the baby boom generation begins to hit retirement age. At a time like this, we should be saving rather than squandering our resources. The [trade] deficit now stands at 5.4 percent of gross domestic product – the highest in U.S. economic history. This deficit requires us Americans to borrow about $2 billion form foreigners every working day. … Virtually every federal agency that monitors some aspect of our fiscal future … has lately been reiterating that our government and indeed our entire economy are on an unsustainable path. … Right now America is running on empty. ” (The Washington Post, July 18)

We agree with Nixon’s commerce secretary: “Right now, America is running on empty.” We need a new start with a new team. Join us in voting for John Kerry and John Edwards in November so they can rebuild the American economy.

Pamela W. Person and Philip H. Person live in Orland.