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Sunday, May 08, 2005

Time to Change the Colostomy Bag, Grandpa

I caught Jack Golden Parachute Welch on This Week pimping his new book Winning,dispensing chestnuts of wisdom from his experiences as Chairman of GE (forcing NBC to call the 2000 election for GWB not among them) and ranting about the great and fundamentally healthy state of the American economy today. Well, Jack is worth about a billion dollars so I'm sure things for him are simply tits -- he certainly has confounded those negative scolds who claim money can't buy love. But others may not have such a rosy estimation of the status quo. Per The Center for American Progress (via Skippy):
For the period 2000-2004:

the financial markets

s&p 500 -15%
nasdaq -36%
dow jones -5.3%

consumer income and expenses and standard of living
price of a gallon of gas +46%
real value of the minimum wage -7%
median household income -4%
average cost of 4-year public college +24%
poverty rate +11%
americans filing for bankruptcy +33%
annual increase in prescription drug prices (from 4.1% t0 6.8%) +68%
number of americans without health insurance +18%

federal finances
federal debt +39%
monthly trade deficit +75%
annual trade deficit +53%

the dollar
dollar versus euro -30%
dollar versus yen -11%

consumer debt
home mortgage borrowing +100%
total outstanding consumer debt +28%
household debt as a percentage of assets: +20%
household debt as a percentage of gdp +21%
Jack's last book was entitled Jack: Straight From the Gutand many reviewers noted that it probably did, in fact, issue from some part of Jack's alimentary canal.

Well at least he's not banging on about family values.