Isn’t it interesting that a few small percentage points here and there–third-quarter GDP showed an annual growth rate of 8.2 percent and monthly unemployment dropped from 6.1 percent to 6 percent–produces such euphoria about the country’s economic upturn?
Before trumpeting this “boom,” the Bush Administration and its crony pundits should pay attention to the real state of the economy–where nine million people are out of work, wages and salaries are stagnant or down, health care costs have increased to staggering double digit rates, retirement savings have been ravaged by the stock market crash, school budgets are taking severe hits, tuitions at public universities are soaring and personal bankruptcies are at an all-time high.
Headlines like “Bloom is on the Economy,” (The New York Times, 11/8) or “Tough Times Over?” (Washington Post, 11/9) seem foolish, even mean-spirited, when families, communities and whole states are struggling to survive. Consider that in Bush’s home state of Texas, according to the Houston Chronicle, 54,000 children have been dropped from the federal-state health insurance program due to budget cuts. Texas, and other states, are also cutting back on subsidies for healthcare, further increasing the number of people with no coverage–now conservatively estimated at 43 million, with their numbers rapidly increasing. And paying for health insurance is becoming a problem for more than just people living on low or fixed-incomes, with many hospitals and neighborhood clinics saying that middle-class people are now joining the poor in seeking their care.
There are more Americans living in poverty now than there were in 1965. Over thirteen million of them are children. (The US has the worst child poverty rate of all the world’s industrialized countries.) Last year alone, another 1.7 million Americans slipped below the poverty line, bringing the total to 34.6 million, one in eight of the population, and up from 31.6 million in 2000. (See “Economic Fault Lines in America’s States,” AFL-CIO report).