While I am all for being positive and looking on the bright side of life, a statement made by Michele Bachmann recently struck me as so out of touch with reality that one can only wonder who is giving her data on the economy that the rest of the country is not seeing.
On the now defunct Andy Barnett show, Michele proclaimed:
"Because our economy has been enjoying robust health for the last 40 quarters. There’s some segments of the economy that are hurting. Real estate no doubt is hurting right now, sub-prime mortgages and all, all the rest. But for the most part the economy has been booming..."
Booming for whom?
*Is it booming for the working class?
Between 2000 and 2006, the average income of the lowest fifth is down 4.5%, the middle fifth is down 2.5%, and only the top fifth is up, by 1%. Similarly, today’s report revealed that the share of income going to the top fifth of households was 50.5%, the highest share on record going back to 1967. The middle-income share was 14.5%, the lowest on record. The bottom income share has been 3.4% since 2003, also an historic low.
The study shows that the amount people spend on gasoline as a percentage of their income has about doubled since 2002. In that period, gas prices have tripled and oil prices have soared nearly five-fold. Nationally, Americans spend 3.8 percent of their income fueling one vehicle, versus 1.9 percent in 2002.
The paper reports that while average family income, adjusted for inflation, has continued to advance at a good clip, that has been helped by gains by the top wage earners.
The paper says that about nine out of 10 workers have seen inflation that has outpaced their pay increases over the last three years, according to the Labor Department. That includes workers earning up to $80,000 a year, a level that puts them in the 90th percentile of wage earners.
On Tuesday, the Department of Employment and Economic Development (DEED) announced Minnesota lost 6,600 jobs in October, the fourth consecutive month of job losses in the state. According to DEED, these new figures reveal that between July and October, Minnesota lost nearly 27,000 jobs.
Unfortunately, these rose colored glasses have led Bachmann to vote in favor of the folks for whom the economy is booming and against the very people for whom the economy is failing.
Michele voted NO on increasing the minimum wage.
Michele voted NO on increasing access to health insurance for children.
In more recent news, Michele decided that rather than compromise and provide a fix to the Alternative Minimum Tax, she would stick people with the existing AMT.
Finally, on Thursday, Michele had the opportunity to provide solutions to something even she recognizes as a problem ("Real estate no doubt is hurting right now, sub-prime mortgages and all, all the rest."). However, on H.R. 3915, Michele chose to vote against a solution.
H.R.3915
Title: To amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators, to provide certain minimum standards for consumer mortgage loans, and for other purposes.
Sponsor: Rep Miller, Brad [NC-13] (introduced 10/22/2007) Cosponsors (27)
Related Bills: H.RES.825
Latest Major Action: 11/15/2007 Passed/agreed to in House. Status: On passage Passed by the Yeas and Nays: 291 - 127 (Roll no. 1118).
House Reports: 110-441
MAJOR ACTIONS:
10/22/2007 Introduced in House 11/9/2007 Reported (Amended) by the Committee on Financial Services. H. Rept. 110-441. 11/15/2007 Passed/agreed to in House: On passage Passed by the Yeas and Nays: 291 - 127 (Roll no. 1118).
So, Michele, for whom is the economy booming? It doesn't appear to many of us that it is booming for the citizens of the 6th District that elected you and asked you to serve their interests.
Cross Posted on Dump Bachmann
Cross Posted on Dump Bachmann
