The Bush-McCain-Wolf Economy Continues to Bleed

If you like this, I guess Frank Wolf's your man!

The American economy lost 159,000 jobs in September, the worst month of retrenchment in five years, the government reported on Friday, enhancing fears that an already pronounced downturn had entered a more painful stage that could last well into next year.

Employment has diminished for nine consecutive months, resulting in the elimination of 760,000 jobs, according to the Labor Department report. Most of that occurred before the trauma of recent weeks, when a string of prominent Wall Street institutions nearly collapsed, prompting the government to propose a $700 billion rescue package.

Yeah, Republican economics is really doing wonders for America. Not. The point here, by the way, is not that this dismal situation is all Frank Wolf's fault, or John McCain's fault, or even George W. Bush's fault. The point is that all of those guys have bought into a bankrupt - literally and figuratively - economic philosophy of huge deficits (budget and trade), lax oversight, deregulation, favors to the richest Americans, "trickle down," etc. - that have gotten us into this mess. That's exactly why we need a fundamental change, and that's exactly why Frank Wolf should be replaced by Judy Feder on November 4.

Bailout Fiasco Demonstrates Why We Need Change More Than Ever

Yes, I realize that Frank Wolf voted for the bailout legislation today. The problem is, for the past 20 years Frank Wolf has been voting for the policies that GOT US INTO THIS MESS in the first place. Now, all of a sudden, he votes to bail out his buddies on Wall Street, after voting in lockstep with an Administration that has favored the wealthy, powerful and well-connected every step of the way leading up to this meltdown? Wonderful! Such leadership! Brilliant! (note: snarky blogger sarcasm alert)

This is Frank Wolf's "economic philosophy" too

The following remarks by Barack Obama earlier today, in response to the meltdown on Wall Street, were aimed at John McCain and "conservative" economics more broadly. Just remember, this is Frank Wolf's "economic philosophy" as well, no different than George W. Bush's, Dick Cheney's, or John McCain's. You might want to keep that in mind as you consider who would be better - Frank Wolf or Judy Feder - at helping get us out the economic mess we're in now.

This morning we woke up to some very serious and troubling news from Wall Street.

The situation with Lehman Brothers and other financial institutions is the latest in a wave of crises that are generating enormous uncertainty about the future of our financial markets. This turmoil is a major threat to our economy and its ability to create good-paying jobs and help working Americans pay their bills, save for their future, and make their mortgage payments.

The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store. Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression.

I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years – one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It's a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.

Well now, instead of prosperity trickling down, the pain has trickled up – from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street.

This country can't afford another four years of this failed philosophy. For years, I have consistently called for modernizing the rules of the road to suit a 21st century market – rules that would protect American investors and consumers. And I've called for policies that grow our economy and our middle-class together. That is the change I am calling for in this campaign, and that is the change I will bring as President.

Tom McCain Advisor Says Econ. Problems are Just "Mental"

I wonder if Frank Wolf agrees with this analysis.

Barack Obama on the Bush-McCain Job Loss Economy

As Barack Obama says, "Senator McCain has fully embraced the Bush economic agenda." Sadly, so has Frank Wolf. Just keep that in mind when you're considering your vote this November; the bottom line is that if you like the way things are going with the economy, you should vote to reelect Frank Wolf. If not, you should vote to replace him. It's that simple. Go Judy Feder!

As we head into the 4th of July weekend, today's report that our economy has lost another 62,000 jobs is a stark reminder that far too many Americans will spend this holiday out of work and struggling to provide for their families because of the failed policies of the last eight years.

Our economy has now shed 438,000 jobs over the past six months, while workers' wages fail to keep pace with the skyrocketing cost of gas, groceries and healthcare. The American people are paying the price for the failed economic policies of the past eight years, and we can't afford four more years of more of the same. That is the essential issue of this campaign because Senator McCain has fully embraced the Bush economic agenda. I believe it has to change.

But, as these numbers demonstrate, the American people can't wait another six months. We need action now.

That's why I'm calling on Congress and the President to enact real, immediate relief with energy rebates for working families this summer, a fund to help families avoid foreclosure, extended benefits for the long-term jobless, and assistance to states that have been hard-hit by the economic downturn.

As President, I'll move us in a new direction with policies to restore broad-based, bottom up growth that benefits all Americans. I will provide working families with a middle-class tax cut; fight for affordable health care and college tuition; work to help raise workers' wages, and invest in infrastructure, education and a clean energy future to create millions of new jobs. That's the change the American people need.

"Americans United for Change" Blasts Wolf

As usual with Frank Wolf, you can count on his priorities being completely backwards. In this case, he cares more about millionaires than about extending unemployment insurance struggling in the Bush economy. Great stuff, huh?

Americans United for Change, as Part of its Bush Legacy Project, Blasts Reps. Drake, Wolf for Voting Against Extending Unemployment Benefits to Over 55,000 Virginia Workers Struggling in Bush Economy

Drake, Wolf Continue to Contribute to Failed Bush Legacy on the Economy

Washington D.C. – In the face of four consecutive months of negative job growth under the Bush economy totaling 260,000 lost jobs since the beginning of the year, Americans United for Change, the non-profit progressive issue advocacy group which recently launched its Bush Legacy Project, sharply rebuked U.S. Reps. Thelma Drake and Frank Wolf for voting against meaningful legislation to extend unemployment benefits to thousands of Virginia families in need. The goal of the Bush Legacy Project is to cement into history how two terms of failed conservative policies – supported by Bush and his allies in Congress including Sen. John McCain and Reps. Drake and Wolf - have weakened America’s security abroad while neglecting and undermining important priorities here at home.

With no help from Reps. Drake, Wolf -- the U.S. House passed an amendment to an Iraq/Afghanistan/Domestic priories supplemental appropriations bill last week that would provide up to 13 weeks of extended unemployment benefits in every state to workers exhausting the 26 weeks of regular unemployment benefits – legislation that would extend benefits for 55,036 Virginia workers, according to the National Employment Law Project. In states with higher levels of unemployment, an additional 13 weeks would be available, for a total of 26 weeks of extended benefits.

“Voting to extend unemployment benefits to over 55,000 Virginia workers is the very least Reps. Drake and Wolf could have done after voting time and again to enable President Bush’s failed policies that have contributed to and even exasperated the economic downturn,” said Jeremy Funk, spokesman for Americans United for Change. “Ignoring these workers’ struggle, as Reps. Drake and Wolf clearly want to do, won’t make it go away. For four consecutive months, the U.S. economy has lost jobs. In total, 260,000 jobs have disappeared. Furthermore, there are 800,000 additional Americans looking for work than a year ago. The number of long-term unemployed – 1.35 million workers – is higher now than when Congress last extended unemployment benefits in 2002.”

“But Rep. Drake and Wolf think that more Bush tax cuts for millionaires is the only prescription for the ailing economy – tax cuts that never manage to ‘trickle-down’ to the people who really need it,” added Funk. “But, in fact, extending unemployment benefits is one of the most cost-effective and fastest-acting ways to help stimulate an economic recovery because the money is spent quickly; every $1 spent generates $1.73 in new economic demand, according to the Congressional Budget Office. How many more Virginia workers have to lose their jobs before Rep. Drake and Wolf realize that their ‘trickle-down,’ ‘Voo-doo’ economic policies never fail to fail? It’s time they get their priorities straight, stop contributing to Bush’s failed economic legacy, and instead focus on serious solutions for stimulating this worsening economy.”

20,000 Jobs Lost: The Bush-Wolf Economy Strikes Again

There's more bad news on the economic front in April:

Payrolls shrank by 20,000 workers, following a revised 81,000 drop in March that was larger than previously estimated, according to the latest report from the U.S. Department of Labor.

The Labor Department report also showed that income growth slowed in April. The economy's 0.6 percent expansion rate for the six months through March was the weakest performance since the U.S. was last in a recession in 2001.

So, why is this the "Bush-Wolf economy?" Because the causes of our current economic woes relate directly to policies supported by both of these guys:

*Continued heavy reliance on fossil fuels, including $120 per barrel oil from Saudi Arabia, etc., and a complete lack of leadership on developing a serious energy policy for our great country.

*A failure on many levels to position the United States to compete in a 21st century, globalized economy. Frank Wolf's been in Congress since 1981, and during that time -- as Jim Webb might say -- we've seen the rich get richer, the poor get poorer, and the middle class get squeezed.

*The war in Iraq is costing the United States hundreds of billions, if not trillions, of dollars. This money could have been far better spent to slash our debt, invest in our crumbling infrastructure, educate our children, and transition to a new energy economy. But no...that would be too intelligent from the likes of George W. Bush and Frank R. Wolf.

*Since Frank Wolf's been in Congress, the tax code has gotten consistently more regressive. Huge tax cuts for rich people and corporations like ExxonMobil, crumbs for the middle and working classes? That's Bush/Wolf economics to a "t".

*In general, the situation we're in now is the direct result of "trickle down," "supply side" economics and "free trade" agreements that are neither "free" nor "fair." It's the result of lax regulation, in this case of the mortgage industry. It's the result of policy choices which rewards companies that outsource jobs overseas.

There's a lot more, but I'm sure you get the picture. Our current economic problems are not an accident, they are a DIRECT CONSEQUENCE of policies that Frank Wolf has supported for over a quarter century now. So, next time you pick up a newspaper and read about job losses, the US economy in recession, home values tumbling and energy prices soaring, you'll know exactly who to blame.

Are You Better Off Now Than You Were 4 Years Ago?

Back in 1980, Ronald Reagan asked Americans considering whether to vote for him or for President Jimmy Carter, "Are you better off now than you were when this Administration took office?" The answer was clear to the majority of voters, and Ronald Reagan went on to a landslide victory in the elections that year.

Well, today we have evidence that this same question could be a potent one in 2008, just as it was in 1980. The New York Times reports:

Americans are more dissatisfied with the country’s direction than at any time since the New York Times/CBS News poll began asking about the subject in the early 1990s, according to the latest poll.

In the poll, 81 percent of respondents said they believed “things have pretty seriously gotten off on the wrong track,” up from 69 percent a year ago and 35 percent in early 2002.

[...]

A majority of nearly every demographic and political group — Democrats and Republicans, men and women, residents of cities and rural areas, college graduates and those who finished only high school — say the United States is headed in the wrong direction. Seventy-eight percent of respondents said the country was worse off than five years ago; just 4 percent said it was better off.

Breaking this dissatisfaction down a bit, we've got 71% of Americans concerned about health care costs, 69% about housing costs, and 82% about having enough money for retirement.

As if to emphasize the poll's findings, the economic news this morning was not encouraging:

The economy shed 80,000 jobs in March, the third consecutive month of rising unemployment, presenting a stark sign that the country may already be in a recession.

[...]

“Three months in a row of payroll job losses and a sizable negative revision: these are clear signs that the job market is in recession,” said Jared Bernstein, an economist at the Economics Policy Institute. “I’m hard-pressed to imagine anyone who would raise doubt to that at this point.”

In short, the The Bush-Republican economy is in freefall, yet their response is to do nothing. In February, for instance, they opposed extending unemployment insurance, even as around 200,000 Americans have lost private sector jobs in the first three months of the year.

In March, Republicans blocked consideration of legislation to address the housing crisis and the foreclosure explosion. That's bad enough, but Republicans weren’t even willing to offer their own solutions, they just blocked the Democratic solutions from coming to a vote. As they did so, the number of homes in foreclosure and mortgages behind in payment were jumping in every state, further driving down home values.

Faced with increasingly dire economic news this month, Republicans have (finally) agreed to consider a scaled-back version of a bill to address the mortgage crisis, but only after insisting on replacing assistance for homeowners with bailouts for home builders who made bad investment decisions.

The bottom line is that Bush-Republican economic policies don't work for the middle class in this country. Instead, the Bush-Republican economy means falling wages, lost jobs, rising prices, foreclosed houses, and record debt. And, of course, Republican "trickle-down" never seems to actually trickle down from the super-rich to everyone else.

Obviously, this is a "change" year politically, one in which people will be looking for a new approach and a new hand on the tiller. The question is, who will be most credible -- John McCain (and GOP congressional candidates like Frank Wolf) or the Democratic nominee (and Democratic congressional candidates like Judy Feder) -- when THEY ask, as Ronald Reagan did in 1980, "Are you better off today than you were when this Administration took office?" Given that John McCain and Frank Wolf offer nothing but the same old Bush-Republican economic policies, it's a good bet that it won't be them.