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George W. Bush has often stated his idea that freedom is America's gift to the world. So what is Bush's going away gift to America? Third quarter GDP shrank by 0.3%, less than the expected 0.5%, and the unemployment ranks swelled to 479,000, more than the 475,000 forecast.
Given the decline in consumer spending and the swelling ranks of the unemployed, I am surprised that the GDP contraction was so modest, but I would not be surprised to see a bigger decline when the numbers are revised after the election.
Meanwhile, the ideas that have propelled the global financial markets to their current perilous state are breathing their last. The notion that government should shrink for the rich -- by cutting taxes on the top 1%, spending record amounts on defense to give Bush's gift to Iraq, running huge budget deficits ($1 trillion for 2009), slashing regulation, and boosting Federal, corporate, and consumer debt to keep up with shrinking income -- is nearly dead.
And the upcoming election will plunge a dagger into its dying heart.
Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.
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Reader Comments (Page 2 of 2)
10-30-2008 @ 7:40PM
tired of Large Corp rippoffs said...
Iridium you are so right! Large corps haven't created new jobs. For the past 10-15 years new jobs have been created by small business. It is amazing how hard it is for small business to compete with large corps that can ship jobs overseas and force small businesses to try and match those wages! We need to create ways like in the EU that make some sense. Most all of the European countries have laws requiring that large companies must have a certain % of the Corporate Board of Directors be elected by the employees. This is called "co-determination". In Germany, large Corps with over 1,000 employees must have 1/2 of the Board elected by the employees. In a new "information era" old laws to protect employees from being forced to work 50 hours for less pay after the Large Corp buys another Large Corp and lays off 1/4 of the workers can't happen in the EU! No other laws are needed... just a vote and ability to speak at the Board of Director level to prevent $500 million CEO bonus' and laying off workers to pay for them.
10-31-2008 @ 12:45PM
JCH said...
Worst President ever.
When he was my Guv people called and asked me what I thought of him. I told him the man is a moron and a fool, and the country would regret ever having anything to do with him.
Now they called me and say things like, "My gawd were you ever right."
I'm thinking of starting a company that makes urinals with his molded-in image as the effluent target. Bet they would sell great in Iraq, and on military bases.
10-31-2008 @ 3:15PM
editgirl said...
Just go and vote your conscience, stop all the charged up negative talk, if you have a point make it, with fact to support it, not proliferation of lies. I am a registered independent, I take nothing for granted, but the hate filled nature of the repugnican talking points has most certainly influenced the vote I have already cast.
12-25-2008 @ 4:15PM
rickc said...
I believe that since the new century started things have been spiralling downhill. Pointing fingers of blame at this point is a bit like blaming bad electricity for starting the fire in the house you are trapped within.
http://www.associatedcontent.com/article/1300166/modern_society_threatens_the_american.html