Monday, January 23, 2006
Ohh..that Bush Economy
It seems the Bush recovery is just spinning along according to plan. Those tax cuts for the filthy rich are doing their job of stoking the U.S. economic engine. Reuters.com reports that Ford Motor Company will eliminate "30,000 jobs and shed more than a quarter of its production capacity." And it's just not Ford and GM and other "old" industries that are struggling. Today, Sprint Nextel Corp. announced that the will be doing away with its defined-benefits retirement plan and offering employees a 401(k) plan to which the company will contribute 5%. Sprint Nextel joins IBM and Aloca in nixing defined-benefits plans for employees. Boeing Machinists are on strike trying to prevent Boeing from doing the same thing for new hires.
So while Bush and his merry band of PR hacks run around telling us that the economy is doing just fine, remember that Corporate America is slashing jobs, benefits, and wages. Meanwhile CEO pay continues to climb. And if you're thinking that you'll be fine because you're part of the "ownership" society, just remember that the Dow Jones Industrial Average is lower today than it was before Bush took the oath of office.
It seems the Bush recovery is just spinning along according to plan. Those tax cuts for the filthy rich are doing their job of stoking the U.S. economic engine. Reuters.com reports that Ford Motor Company will eliminate "30,000 jobs and shed more than a quarter of its production capacity." And it's just not Ford and GM and other "old" industries that are struggling. Today, Sprint Nextel Corp. announced that the will be doing away with its defined-benefits retirement plan and offering employees a 401(k) plan to which the company will contribute 5%. Sprint Nextel joins IBM and Aloca in nixing defined-benefits plans for employees. Boeing Machinists are on strike trying to prevent Boeing from doing the same thing for new hires.
So while Bush and his merry band of PR hacks run around telling us that the economy is doing just fine, remember that Corporate America is slashing jobs, benefits, and wages. Meanwhile CEO pay continues to climb. And if you're thinking that you'll be fine because you're part of the "ownership" society, just remember that the Dow Jones Industrial Average is lower today than it was before Bush took the oath of office.