I watched George Will pathetically spin on This Weak how great this economy is, because housing prices have skyrocketed. But what does he carefully avoid mentioning? That a huge chunk of that appreciation is going directly into consumer debt. So we have a country of homeowners literally betting the farm that they can win the race between bills coming due and the housing market falling.
This isn't much different than Bush's own drunken spending, knowing he will be out of office by the time the Chinese and Japanese realize we'll never raise taxes, cut corporate welfare, or invest in anything that might allow us to better compete -- like education or health care. When that day comes, we are all in for some serious consequences.
So you have the declining middle-class, and the staggeringly wealthy; but you'll never hear Will and his ilk discuss the fortunes of the poor under Dubya. Even corporations can't find a way to make money off of a sector that's growing under Bush, but doesn't have a dime to spare.
Family Dollar, Customer Base Struggle: Yahoo! News
"'Our focus is still on the low-income, value-conscious consumer,' Levine said. 'I think it's a big reason why we have been so successful.'
That success, however, has been challenged in the past year by the financial woes of its best customers, primarily low-income workers and families earning $25,000 a year or less. Struggling with layoffs and higher energy bills, they've found themselves without enough cash for a shopping spree at the nation's deep-discounters."