Friday, July 30, 2004

Economic News

The economic news is not so good. Economic growth in the second quarter was slower than expected (around 3% -- 3.8% had been expected). The government released figures indicating a record budget deficit of $445 billion. As Kevin Drum notes, retail sales are down, factory orders are declining, housing starts are down, and the stock market is flat.

Kevin also says of Bush: "Too bad he didn't use his term in office to genuinely try to improve the economy. Instead he used it to pursue ideological tax cuts for his corporate pals and a hodgepodge of little initiatives aimed at every interest group he could think of in key states — all the while hoping the economy would recover on its own and his policies wouldn't matter. Unfortunately for Bush — and for all of us who have to suffer through it — it's not looking as if his gamble will pay off."


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