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Thursday, 27 July 2006 06:48

Bush's Claims on Economy Inconsistent with Own Data

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Many of the Bush Administration's claims presenting a positive view of the economy are inconsistent with its own data, according to a report released this week by Democrats on the Joint Economic Committee this week.

"The Administration cites a selective set of economic statistics to support their claim that the economy is strong and everyone is benefiting," the report claims. "Unfortunately, the experience of most Americans does not match up with the picture of success being painted."

"When the Administration's claims are viewed in the context of a fuller set of economic facts, it is clear that its record fails to match its rhetoric."

For example, the report blasts Bush's claim that tax cuts have made Americans better off. Since the spending has occurred during a deficit, the tax cuts were made with borrowed money, which has helped add $1.4 trillion to the public debt since Bush took office that will eventually have to be paid off. Despite the tax cuts, median annual household income has decreased by $1,700, or 3.6%, after accounting for inflation, compared to an increase under Clinton of $5,6000, or 13.9%.

Other areas of analysis in the report are job creation, productivity and wages, overall economic growth, investing, and the deficit.

Click here to read the report (PDF)