Bush Admits Economy Faces Challenges – Bravo!

January 10, 2008

With unemployment approaching 5%, families losing their homes due to the mortgage crisis and oil at record highs, George Bush decided to speak the truth… somewhat. He acknowledged that the U.S. economy is facing some challenges. Kudos, George. Bush still refused to acknowledge the economy might be heading towards a recession despite predictions by some of the country’s leading economists. Of course, less than a month ago, Bush was noting the strength of the economy and crediting it to his tax cuts for the wealthy:

“And [my economic] plan worked. If you think about where we were coming out of 2001 and where we are today, you can’t help but say the plan worked; cutting taxes helped stimulate economic growth.”

You might think that his change of mind on the state of the economy would merit a change of mind on the solution. Not so. He’s expected to propose yet more tax breaks for the wealthy. Democratic leaders in Congress are ready to fight Bush for an economic stimulus package that works for working families. Representative Rahm Emanuel of Illinois, the chairman of the House Democratic Caucus, sums it up: “This is going to be a battle over doing more of what George Bush has done for the past six years, or doing more for the middle class.”