The Shrinking Bedrock
by Deacon Blues
Thank you President Bush, for the hollowed-out economy you and the conservatives left us with. From this morning's report by the Fed on the nation's industrial production:
Industrial production fell 1.5 percent in March after a similar decrease in February. For the first quarter as a whole, output dropped at an annual rate of 20.0 percent, the largest quarterly decrease of the current contraction. At 97.4 percent of its 2002 average, output in March fell to its lowest level since December 1998 and was nearly 13 percent below its year-earlier level. Production in manufacturing moved down 1.7 percent in March and has registered five consecutive quarterly decreases.
Bush's economic and tax policies actually drove our industrial production down below where they were when he took office. A decade of disaster capitalism spending, wars without security, corporate welfare, declining personal and family incomes, graft perpetuated by GOP cronies for GOP campaign contributors, unregulated markets, and tax giveaways and havens to the wealthy and Wall Street have given us an industrial base that contracted below where it was over ten years ago.
And yet the GOP's manufactured tea-baggers want more of it.