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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (16525)2/2/2004 2:48:34 PM
From: Lizzie TudorRead Replies (2) of 306849
 
Grace the thing about welfare is that many who are against it have a real objection to the cost more than anything. In other words welfare is the easiest target to balance the budget without hurting the wealthy.

The problem is, this time around, you could cut welfare in its entirety and not effect the deficit or long term debt bomb much at all. Wealthy people are going to have to pay up this time, no way around it. For years republicans have shunted the tax burden on to the lower classes with increases in Fica caps, etc. while giving away the farm to their wealthy constituency. Now, that money is gone with the collapse of the labor market. Some are projecting a 700 billion dollar deficit on the way.

But a surge in factory output has yet to translate into jobs, with the employment index slipping to 52.9 from 53.5 in December.

"The economy is going to accelerate in some areas and decelerate in others and the labor market is going to be the one that keeps getting squeezed," said Lehman Brothers economist Drew Matus.

The department said personal income rose 0.2 percent, in line with expectations. But that included a disappointing decline of 0.3 percent in wages and salaries, which could weigh on future spending.
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