According to the latest business reports, evidence is building that Bushonomics is starting to work-- for the wealthy, at least, and especially for those with bulging stock portfolios. Of course, that's what Bushonomics is designed to do-- benefit the investor class and to hell with everybody else.
Here's what the Oregonian says this morning about Christmas retail sales:
"Abruptly resurgent stock markets and steadily rising home values may have given well-off residents extra confidence to spend on luxury items, such as expensive jewelry, high-end fashion and electronics, they said. But a sluggish employment recovery and stubbornly high gasoline prices -- felt most sharply by middle- and low-income consumers -- may have left other Oregonians more cautious about gift-buying."
And what's true for Oregon is true nationally:
"But so far, the holiday shopping season in Oregon looks much like the nation's: weak."
For the lower and middle classes, that is. Those with money are loading up on jewelry and other high end items (maybe even Time Trackers.)
"Meanwhile, a variety of observers, national as well as local, reported sales of luxury goods have been strong.
"Larry Packouz, owner of Packouz Jewelers on Southwest Broadway, predicted his store's holiday sales will be the best since 1999. Packouz said he is selling many pieces in the $30,000 to $35,000 range." ...
"Helping fuel the surge at the high end are consumers such as Bruce Foster, an insurance claims adjuster who lives in West Portland. Foster said he feels more flush this year because his wife has earned more in her international-trade work, and the value of their stock holdings has risen."
" 'Things economically are much better this year than they were the last two years,' said Foster, who bought a $236 gift for his wife at the Coach store in Pioneer Place on Thursday. 'This is a good holiday season.' "
Maybe for some people. Yesterday in downtown Portland, amidst throngs of holiday shoppers, a mentally ill homeless man was shot dead by another partly homeless and slightly paranoid man with a .357 Magnum pistol, probably legally purchased.
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While we're on the subject of Bushonomics, Josh Marshall is busy identifying Democrats likely to go along with the Social Security privatization scheme. He calls them the "Fainthearted- Faction". Today he anoints the charismatic and politically ambitious Rep. Harold Ford of Tennessee as "Dean of the Fainthearted- Faction."
"And now Harold Ford is not only in the Faction but has actually become the Dean because of his rather lengthy history of openness to phasing out Social Security.
"I know this all gets complicated. But bear with me since Social Security really is an important program.
"Now, in addition to being the Dean of the Fainthearted Faction, another thing to note about Rep. Ford is that he's a man with big plans --- statewide office, national office, the sky's the limit. He ran against Nancy Pelosi two years ago to be the head of the Democratic caucus when he was only in his third term and thirty-two years old, for crying out loud."
Marshall maintains it's important fo all Democrats to support Social Security as a legislative maneuver:
"If President Bush is intent on destroying Social Security and replacing it with a private accounts system, let him do it with Republican votes only. Republicans in marginal districts will be far less likely to sign on to his plan if it's an exclusively Republican enterprise, if there are no Democrats along for the ride to muddle the picture and provide illusory bipartisan cover."
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Doug Ireland reports that even the Democratic leadership is starting to wobble on core issues, including House Democratic Leader Nancy Pelosi:
"Some, like Nancy Pelosi, have already suggested that the privatization of Social Security is a negotiable issue--there go the seniors...At this rate, if the Democrats keep mowing down their base constituent groups in this cross-fire of post-defeat recriminations, you'll have to have a paid-up membership in the Southern Baptists to be a Democrat (indeed, right-wing Dems like Chris Matthews have already suggested that the party's next nominee for president must be a Southern Baptist)."
Merry Christmas!
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