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October 12, 2004
President Bush's domestic agenda was once based on "compassionate conservatism" (i.e. giving lavish tax breaks to corporations and the wealthy while cutting health, education, and job opportunities for the middle class). Now his domestic principles are grounded in the "ownership society" (i.e. privatizing critical public needs and shifting retirement and health care risks onto individuals while ensuring that the financial services and health care industries get billions in new fees and services). Either way, America will experience more economic inequality and rising economic burdens for middle-class families.
- President Bush's tax cuts for the wealthiest 1 percent – those making $1 million or more – will total $148 billion this year alone. As the Detroit News reports, "That is twice as much as the government will spend on job training, $6.2 billion; college Pell grants, $12 billion; public housing, $6.3 billion; low-income rental subsidies, $19 billion; child care, $4.8 billion; insurance for low-income children, $5.2 billion; low-income energy assistance, $1.8 billion; meals for shut-ins, $180 million; and welfare, $16.9 billion."
- The president's plan to privatize Social Security will leave Americans less secure in old age while Wall Street investment firms rake in billions. Let's be candid about the "ownership" of retirement: the elderly are the only ones who will take on new risks. If the market takes a downturn, there's no guarantee of a secure retirement. But regardless of whether the market is up or down, private financial management firms will collect an estimated $940 billion windfall in new fees under the president's plan, according to a study by the University of Chicago.
- President Bush's message to Americans is clear: "When hard times hit, you're on your own." The entire privatization agenda of President Bush and his conservative allies rests on shifting collective obligations and duties away from government and corporations and onto individuals. The shrinking middle class will shoulder more of the burdens and risks while the wealthy and big business will pocket more of the benefits. This is not the way to a more equitable and prosperous America that provides opportunities for all citizens.
Daily Talking Points is a product of the American Progress Action Fund.
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Daily Talking Points is a product of the American Progress Action Fund. |
