Guest Blogged by Alan Breslauer
Life is good! That is, if you work for Big Oil or had "a bang-up year" like investment banking firm Goldman Sachs. Goldman, which was helmed by Henry Paulson until his May appointment by President Bush to Treasury Secretary, announced year end bonuses for its 26,500 employees averaging $623,418.
Alas, if you don't work in "high finance" you need not be "green with envy" because a good stock market translates to a good economy and, according to Forbes Senior Editor Neil Weinberg, "a trickle down effect where the people who are making this kind of money are also going to be spending a lot of money."
Hopefully someone remembers to tell the 35 million Americans living with "low food security" (hunger), the 37 million Americans living under the poverty line and the 46 million uninsured Americans that the trickle is coming. This might prove a difficult sell to the newly minted 5.4 million who moved into the poverty neighborhood since President Bush took office.
Elderly Americans, 2 in 5 of whom are living on less than $18,000 a year including Social Security benefits, are not likely to do cartwheels upon hearing that the trickle is on its way either. And the low-income Americans with disabilities who experienced 50% cuts in their housing programs, might wonder if they will receive additional trickle. It would be unfair, however, to say that the poor have not made some gains under President Bush. For example, now the IRS makes sure that half of all audits are conducted on Americans making less than $25,000 per year...