U.Michigan Confidence Falls, Outlook Dim Friday May 28, 9:55 AM EDT NEW YORK (Reuters) - U.S. consumer confidence declined in May, confounding economists' forecasts for a steady reading of sentiment and putting a gloomy face on consumers' outlook, a survey released on Friday showed. The University of Michigan's final survey of consumer confidence for May showed its sentiment index falling to 90.2 from April's final reading of 94.2, according to people who saw the subscription-only report. Economists polled by Reuters had looked for an unchanged reading of 94.2. The current conditions index dropped to 103.6 from April's final reading of 105, while the expectations index declined to 81.6 from April's final reading of 87.3. Why do the consumers hate America?
Keep telling yourself this. The "disposable income" was increased substantially only for the very wealthy. For example, my wife and I saw ZERO tax cut and had our costs rise as a result of Bush's giveaway to the rich. We saw a bigger tax return this year, but that was due to the new mouth in the house, not because of a tax cut. Overall, we saw a net reduction in our disposable income as a result of increasing costs across the board and exactly ZERO tax cut. They were extended once. Twice since, the Dems tried to get new extensions but the bills never made it to the floor of the House or Senate due to stonewalling by the White House. Bush told his cronies that he would veto any bill that extended benefits. Compassionate my a$$. With tax benefits for having a net increase in jobs, many companies would have slowed their layoffs and others would have brought on employees because they would have had end of the year tax benefits to give them an incentive. There was an article by Paul Krugman to this effect just before the first Bush tax cut was passed. Breaking the unions would not be necessary if there were retraining benefits and extended unemployment benefits. IIRC, there are no buggy whip unions out there. If there are workers that are simply not necessary, especially in obsolete industries, the union won't do much good. If the worker is simply untrained, it certainly seems incumbent on the corporation to train the worker to do a job that is useful to the company. That is the thing. It was a HOPE, not a certainty. He HOPED that supply side economics was not as flawed as it has turned out to be. He HOPED that it would turn the government around, and he HOPED that the rich friends that he gave money to would hire people before the election. Supply side economics (dubbed "voodoo economics" by the first Bush) or "trickle down"is simply where the government gives the rich people as much money as possible and allows those people to piss all over the rest of us so that it trickles down. You really need to read more. I suggest "Pigs at the Trough," in which the details of many of the corporate scandals are brought to the fore along with the collusion between the corporations and the government. BTW, how many of those corporate crooks is serving time? That's right, NONE. The only way I know of that he even ATTEMPTED to reduce fuel prices is through allowing drilling in the ANWR, which wouldn't even kick in lower prices for 4-5 years. In addition, the estimates are that the ANWR drilling would supply American fuel needs for a grand total of 6 months. Great solution. I agree that most of it was out of his control, but the things he did do have not improved the economy anywhere NEAR as much as a president focused on the economy could have. Bush's only solution was tax cuts, tax cuts, tax cuts, which wouldn't have bothered me nearly as much were the cuts not so blatantly skewed toward the richest 1%.
The only one who should be ashamed here is you. After spouting trash that Limbaugh, Hannity, and O'Liely would be proud of, you go on to chastise Kerry for HIS lack of fiscal restraint (that is rich coming from a Bush supporter) and accuse Kerry of being a liar after the whoppers told by the guy you are coming into lock-step with. You are lucky I am not a true Libertarian or I would REALLY give you a piece of my mind.
andymoon - there is actually subsance in your post worthy of discussion, but your condescending attitude is misdirected and unnecessary. You're about as annoying as T_J. not worth my time. when you grow up enough to have a discussion without being a prick, i look forward to joining you.
That is funny. I have now had one poster tell me that I have a very respectful attitude and am able to get my point across without insulting anyone and another tell me that I am a prick in the same week!. I guess I was a bit of a prick to bama, but I certainly don't think it rose to the level that I am capable of when t_j isn't on ignore. If I was a prick to you, I certainly apologize as that was not my intention. I don't really see much prickishness in my response to you, but if you felt that I was, then I am sincerely sorry for it.
Oh......I'm so scared. Heaven forbid. Kerry is a worthless bit of rubbish who I wouldn't trust running a homeowner's association at one of the elitist gated communities he lives in. I think it is time I put the throwdown on you: Another govt. program of wealth transferance from producers to non-producers. Fiscally conservative, eh, Andy? We spend the gross national product of most nations on education and yet.....our kids don't get the education they deserve. And yet he wants to throw MORE money down a rathole to buy the votes fo the corrupt teacher's unions, which are the biggest obstacles to education in this country? Fiscally conservative, right? Sure. A billion here, a billion there. It's not my money, so why should I care, eh, Kerry? The reason why states are in so much trouble because the legislatures, just like their cousins in Washington, have figured out the way to stay in office as some kind of ruling class is to provide goodies for voters. It's all about buying votes and that is why state spending is out of control. It's not a crisis because during the boom of the 90's, tax revenues increased and govts. couldn't wait to blow that money like sailors in a liberty port off a six-month cruise. And Kerry wants to reward this buffoonish behavior by state legislators? Why should I have to pay for Masschusetts or California to balance their books? Where is it written that California's corrupt, far-left legislature can spend money it doesn't have and then get the Federal Govt. to take out of my paycheck to fix their problems? Cato Institute Report on State Spending Sprees in the 90's Wow, as if paying for all of those drugs for wizzened citizens was bad enough already, we get this from Mr. Fiscal Conservative himself Kerry, right? Blowing trillions to insure every child in America is fiscally prudent, right? All of this can be found at the Lurch's website. A bold-faced lie if I've ever read one. How can you be for a smaller and smarter govt. when you want to give X dollars for this, Y dollars for that, Z dollars fo this etc ? That was too easy.
