The Economy

Molly Ivins adds up the numbers. Not so good.

Bush's version of "doing remarkably well" includes a trade gap--a record $69.9 billion in August--up 2.7 percent since July. "Short of a big correction in consumer spending, the best we can hope for is that the trade deficit stabilizes," Stephen Stanley, chief economist at RBS Greenwich Capital, told Bloomberg.com.

Meanwhile, what we see in the economy as a whole is an immense shift of wealth from the poor and middle class to the very rich. It seems a little painful to have to point this out yet again after six solid years of it, but these are lies, damn lies and statistics.

Just to give you an idea of how dependable the Bush numbers are, the Department of Health and Human Services put out a news release a few weeks ago telling senior citizens they will have "new options with low costs" and that monthly premiums in '07 will be the same as in '06.

"The Medicare prescription drug benefit ... just keeps getting better," burbled HHS. They seem to have been taking too much in the way of prescription drugs. Rep. Henry Waxman (D-Calif.), one of the most singularly useful members of Congress, found that average premiums will actually increase by more than 10 percent next year. And for the lowest-priced plans, average premiums will be up more than 44 percent. "It is not merely confusing arithmetic, it is deceptive advertising," said Waxman.

While lightening the tax burden for the rich, other parts of the Bush economic program continue to undermine the middle class in this country. As you may recall, in 2005 the credit industry successfully rammed a disgraceful bankruptcy reform bill through Congress. It's working out just the way we expected it to: Middle-class families are borrowing more than ever to make ends meet. Most families go under if: (a) they lose a job or (b) they have a health crisis.

One attorney sums up the legislation's impact: "It's designed to make life miserable for anybody who owes money. It's a help-the-banks, squish-the-little-guy law."