Tuesday, June 14, 2005

New Economic Stats Stir Unrest

New High in Disposable Income Spurs Unrest: Nancy Pelosi
Grey Owl

WASHINGTON--While listening to speeches at Flag Day ceremonies in Washington today, Congresswoman Nancy Pelosi (D-Cal) talked to journalists Paula Zahn and Lou Dobbs about what she called the unconscionable growth in disposable income in this country under the Bush Administration.
The Congresswoman cited the tax-reduction policies pushed through Congress during the President's first term as the cause of the severe unbalance. "It's making the whole country nervous," she said. "People are beginning to think that the extra money in their bank accounts actually belongs to them. If Congress doesn't act soon, that money will be squandered away by paying down home mortgages and buying food." she added.
"I only hope in 2008 we can put a Democrat in the White House so we can return to fiscal responsibility. It's too bad that President Carter is too old to run. He was one president who really understood interest rates and debt."

In a related story, ex-President Carter applied for Chapter 11 bankruptcy protection for his peanut farm yesterday.
"With all the loose money floating around, nobody is enjoying the simple pleasures - like a bag of peanuts," he said, shaking his head sadly. "That's what comes of putting Oil Barons in the White House."


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