The Final Nail in the McCain/Palin Coffin

The Final Nail in the McCain/Palin Coffin

The New York Times provides the final case for Barack Obama. Not intentionally, but through reality.

This election is about one thing, and one thing only — it’s all about the economy. In a Presidential race that was hyped to be a rebuke on the War in Iraq, instead it has turned out to be a rebuke on the economy.

More bad news for George W. Bush, John McCain, and the Republican Party today, the US economy has contracted at .3 percent in the third quarter, a rather large decline. As the GOP tried to spread fears of one party rule, that fear has fallen on deaf ears considering what the other Party, the GOP, has done to the national and global economies. Not in the last 50 to 75 years have we seen such incompetent handling of the national economy. The Bush tax cuts to the 2% of the Nation’s wealthiest during a time of War in which we were racking up bills of $12 billion per month in Iraq, weakened the US dollar, increased the national debt to mind staggering numbers, widened the trade deficit, all of which led to a credit crisis that trickled into the mortgage markets causing home foreclosures and bank failures.

The disastrous policies this Administration followed contributed heavily toward the economic slowdown, but further fueled economic meltdown. You know — they say the economy fluctuates in cycles, from soaring, prosperous times, to stagnate moments, to economic slowdowns. BUT, there is no doubt that the failed Bush policies and horrific policy choices have turned a ‘normal’ economic slowdown into economic collapse. These polices are the same policies that John McCain wishes to carry forward. He simply can’t run from it.

The third-quarter contraction was a striking turnaround from the second quarter’s relatively brisk 2.8 percent rate of growth. It occurred when financial market turmoil that has heightened concerns about a potentially lengthy recession. Consumer spending, which fuels two-thirds of economic growth, fell at a 3.1 percent rate in the third quarter — the first cut in quarterly spending since the closing quarter of 1991 and the biggest since the second quarter of 1980. Spending on nondurable goods — items like food and paper products — dropped at the sharpest rate since late 1950. Continuing job losses coupled with declining gains from stocks and other investments have put consumers under severe stress.

The report showed that disposable personal income dropped at an 8.7 percent rate in the third quarter — the steepest since quarterly records on this component were started in 1947 — after rising 11.9 percent in the second quarter when most of economic stimulus payments still were flowing. Meanwhile, while banks collapse, mortgage companies go under, middle class families lose their homes, small and medium businesses throughout the nation close their doors, unemployment lines grow, wages fall, and senior choose between food and medicine, one thing remains certain, one thing remains stable, one thing remains healthy, as it has during the Bush years — Exxon Mobile posts it’s largest profit by quarter EVER.

The economy is collapsing, but Exxon is booming. Why?

Because the favoritism and tax advantages, and lack of accountability coming from the Bush Administration. The oil industry is the ONE industry in this Bush economy that wishes to see the Bush years extend, because, well, it’s been GOOD TIMES!

Bolstered by this summer’s record crude prices, the Irving, Texas-based company said net income jumped nearly 58 percent to $2.86 a share in the July-September period. That compares with $9.41 billion, or $1.70 a share, a year ago. The previous record for U.S. corporate profit was set in the last quarter, when Exxon Mobil earned $11.68 billion. Revenue rose 35 percent to $137.7 billion.

So those of us in the Middle Class spend our days worrying how worse the economy is getting, how it has affected us or whether and when it will knock on our door, but the oil industry is posting record profits and revenues. These are the same oil companies that will get continues tax incentives, reduction, and benefits under the McCain economic plan. The same oil industries who Sarah Palin is very close to in Alaska.

Just 5 days before the Election, these two stories, coming off the wire on the same day, provide a pretty profound synopsis Palin Coffin on why Barack Obama should be elected President of the United States.

Talk about a slap In the face to the American people. Times to put the American people ahead of the oil industry and you can do that on November 4th.

These two pieces of news, running simultaneously today, is the final nail in the McCain/Palin coffin.

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