Bush's Accomplishments

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Registered: 11-11-1999
Bush's Accomplishments
Thu, 09-02-2004 - 9:13pm
First term of Bush II's administration first to lose jobs since Great Depression

President Bush is on track to be the first president since the Great Depression to end his first term having lost rather than created jobs. (Source: "America @ Work: Special Report", AFL-CIO, 2004)

Bush tax cut fell far short of projected job creation

The president promised that his massive tax cuts for the rich, which took effect in July 2003, would create over 2 million (2,142,000) jobs in the first seven months after the tax cuts took effect. But only 296,000 jobs were created, even as the tax breaks fueled record budget deficits. (Source: "EPI Issue Brief # 197", Economic Policy Institute. February 12, 2004.)

2003 showed record high trade deficit

The US registered a record high trade deficit of $489.9 billion in 2003. (Source: "Strong Economy, Oil Push US Trade Gap to Record," Forbes, May 12, 2004.)

Unprecedented manufacturing job loss in US Companies are shipping jobs abroad.

America's hemorrhaging manufacturing jobs. Analysts project that 3.3 million high-tech and service jobs will go abroad by 2015 — that's 2 percent of the entire workforce, and $136 billion in lost US wages. (Source: "Investors Cash in as Companies Send Jobs Abroad," USA Today, March 25. 2004.)

36 million Americans living in poverty in 2003

The number of Americans living in poverty increased in 2003, with nearly 36 million people below the poverty line, 1.3 million more than last 2002. (Source: "Income, Poverty, and Health Insurance Coverage in the United States: 2003," US Department of Commerce, August 2004.)

2003 worst year for wage growth in past 5 years

2002 was the second consecutive year in which poverty rose and real income fell for the middle class. 2003 was the worst year for wage growth in the past 5 years. (Source: "Income Picture", Economic Policy Institute, 2004)

CEO salaries soaring above salaries of their workers

Some CEO salaries have now reached 301 times the wages of their full time workers. (Source: "Ratio to CEO Pay to Average Worker Pay Reaches 301 in 2003", United for a Fair Economy, April 14, 2004.)

CEO salaries rise in companies with most layoffs

The median CEO pay increased 44% at the 50 companies with the most-announced layoffs. (Source: "Executive Excess Report", United for a Fair Economy, August 23, 2003)

Social Security Trust Fund squandered by Bush Administration

When the President took office, the government was projected to save every dollar of the Social Security surplus. But under his $1 trillion tax break plan, the Bush Administration would spend every penny of the Social Security Trust Fund over the next 10 years, just as the Baby Boomers are about to retire.

(Source: "New CBO Report Puts Deficit At $1.8 Trillion...," Center on Budget and Policy Priorities, March 10, 2002.)

Social Security Benefits keeping elderly out of poverty

"Without Social Security, which in January 2004 provided households an average benefit of $863 a month (around $10,000 a year) about half the elderly in America would fall below the poverty line.

(Source: "Issue Brief: Social Security Privatization - Eleven Myths", The Century Foundation, March 1, 2004. Page 5.)


20% expected to retire near poverty

Almost 20% of all near-retiree households, i.e., between the ages of 47 and 64 in 1998 (the last year for which data are available), could expect to retire in poverty. Also, 43% of the same households are expected to be unable to replace at least half of their current income at retirement based on their wealth in 1998, up from 30% of households in this age group in 1989.

(Source: "Issue Guide on Social Security: Facts at a Glance," Economic Policy Institute, September, 2002.)

Nearly 25% of Medicare beneficiaries lose drug cost coverage under new law

The new Medicare law will cover less than a quarter (22%) of Medicare beneficiaries' drug costs because it fails to rein in skyrocketing prescription drug prices.

(Source: Consumers Union, 2003)

New Medicare law prohibits negotiations for lower drug prices

The new law PROHIBITS Medicare from using the power of the 40 million people on Medicare to negotiate for lower prescription prices. This is a proven method to bring down prescription costs already being used by the U.S. Veteran's Administration, Department of Defense, U.S. Coast Guard, and other federal agencies.

(Source: Medicare Prescription Drug Modernization Act 2003)

Medicare law: 2-3 million retirees will lose prescription coverage

Nationwide, it is estimated that between 2 and 3 million retirees are expected to lose their prescription coverage as a direct result of this new law.

(Source: Andrea Stone, "Benefits start in '06, but help available sooner," USA TODAY, November 25, 2003.)

Drug companies will benefit most from Medicare law

Drug companies will get a windfall of money from this law – collecting an estimated $139 billion taxpayer dollars in new drug profits.

(Source: Sager & Socolar, "61% of Prescription Drug Subsidy Profits Drug Makers," BU Public Health, October 31, 2003.)






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Cynic: a blackguard whose faulty vision sees things as they are, not as they ought to be.---Ambrose Bierce, The Devil's Dictionary.