More indicators Of A Poor Economy

While Bush and his cronies tout our "strong" economy, there is now more evidence that this is just not true. Three leading economic indicators have all shown a drop this month, leading many to believe our economic growth is slowing.

The median price of a home in this country has dropped to $221,000. This is 3.5% lower than this time last year, and even Federal Reserve Chairman Ben Bernanke believes the housing slump could get even worse.

The second indicator is consumer confidence. Consumer confidence in the economy in October was 105.1, and economists expected it to rise to 106.0 in November. Instead, it dropped to 102.9. This is the lowest number since August, when consumer confidence fell to 100.2

The third indicator is durable goods [or big-ticket manufactured items]. Durable goods orders fell by 8.3%. This is the largest drop in six years.

Of course, the rich are still doing well in this economy. They're making more than ever before. But it is at the expense of the rest of us.

When Bush put through his tax cuts, he claimed it would be good for all Americans. It hasn't worked out that way. While the rich are recording record profits and income, the buying power of the middle and working classes is less with each passing day.

Raising the minimum wage would be a good start, but the Bush tax cuts also need to be repealed. It is time for the rich to shoulder their share of the burden.