[Mb-civic] Bush Misleads on the State of the Economy

[The Daily Mislead]

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THE DAILY MIS-LEAD
<www.misleader.org >
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AUG 02, 2004

BUSH MISLEADS ON THE STATE OF THE ECONOMY

In his radio address Saturday President Bush declared, "this week we
received encouraging reports that show our economy is gaining strength."[1]
The actual reports, however, suggest otherwise.

A new GDP report by the Commerce Department revealed that the "economy grew
at a slow-paced 3 percent annual rate in the second quarter, renewing
concerns about a weak overall recovery and the potential for mediocre future
job growth." The figure was "the slowest growth rate since the beginning of
last year," down 1.5 percent from the previous quarter. Growth in consumer
spending also plummeted, falling to just 1 percent - down three points from
the previous quarter.[2]

On Friday the White House estimated that "the budget deficit would reach
$445 billion in this fiscal year, by far the largest shortfall ever."[3] The
administration claims that this figure is an improvement, but in February
2003 the White House estimated that the deficit for 2004 would be just over
$300 billion.[4]

Visit Misleader.org for more about Bush Administration distortion >>
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Sources:

1. President's Radio Address, WhiteHouse.gov, 7/31/04.
http://daily.misleader.org/ctt.asp?u=1136375&l=48588

2. "Economic Growth Slows",Newsday, 8/02/04.
http://daily.misleader.org/ctt.asp?u=1136375&l=48593

3. "Record Deficit of $445 Billion Projected for This Fiscal Year",New York
Times, 7/30/04.
http://daily.misleader.org/ctt.asp?u=1136375&l=48590

4. "Deficits and the Mid-Session Review",Center on Budget and Policy
Priorities, 8/01/04
http://daily.misleader.org/ctt.asp?u=1136375&l=48591



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