The Fundamentals of the Economy

Two days ago, as two of our country's biggest investment houses stood on the brink of failure, Senator John McCain told an audience in Florida that the "fundamentals of the economy are strong."

It sent cold shivers down my spine.

The fundamentals of our economy are not strong.

People are hurting. The income of average families has dropped while the cost of living has increased. Job growth under the Bush administration has been the slowest since Herbert Hoover. We lost 84,000 jobs last month alone. And the fundamentals of this economy are strong?

He sounded a lot like Herbert Hoover, who told America the day after the stock market crash that began the Great Depression that "the fundamental business of the country, that is the production and distribution of commodities, is on a sound and prosperous basis."

Yesterday, I spoke about this issue on the Senate floor. You can view the speech below. I would love to hear your thoughts and feedback.

Follow Sen. Barbara Boxer on Twitter: www.twitter.com/Barbara_Boxer

Comments

[lostinNJ1]

Senator Boxer, thank you. As Arianna would say, you have rightous indignation! I sense the Dems coming together... I believe the Dems can and should claim the mantle of fiscal responsibility. Compare after 8 years of Clinton vs Bush. Let's hear more about this, and some solutions too!

[XME]

It seems to be the Republican way...that no matter how bad things might be, if you say ANYTHING even remotely negative about any aspect of America, or even simply acknowledge that we are not THE PERFECT nation, you're "unpatriotic" Hence they're unwillingness to speak truthfully and honestly when things aren't great...it's just patriotic, by Republican standards, to admit that we are not infallible.

[MagisterLudi]

McCain is probably alot like Hoover, unfortunately, Obama is nothing like FDR, sorry to report. Unfortunately his support for Cheney Energy Bill;; President Bush's class action bill ; Republican Bankruptcy bill; not to mention that shameful bill allow credit card companies to raise interest rates over 30 percent... populism... hardly.

[ThaCommunityOrganizr]

This is my first time posting a comment on here and I just happend to come across this video. I must say Mrs. Boxer, you were right on all the topics . I never seen the nation so passionate about the future of this country . Myself included . I just want the Democrats to make good on their word and change the way ALL the world thinks about this country . I don't know what McCain thinks this is but we are REAL PEOPLE not pawns he could play wiith . And these are REAL SITUATIONS not just some dream . Mrs. Boxer, I wish more democrats like yourself would just stand up and fight for what's right and protect this country . The state of the country is in shambles, and it seems the repuiblicans could care less about people who work hard to acheive certain lifestyles they want . I never seen so much greed and selfishness in my life . It seems that the future of this country looks bleak to most people, and let's be honest people are afraid of what's to come . Obama, it seems, is ready and willing to take on the task of " savior " as some might call him, because he seems to be the one to " tell it how it is " . So Mrs. Boxer, I hope you continue to do your part, and I also would like to say that, The U.S. IS NOT US

[RuchiraD]

Thank you, Senator Boxer! I'm so glad that my favorite senator is also *my* senator. Well done. Keep it up!

[oldfart1]

O'Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone (2004)-posed a threat to the economy. Cheney cut him off. "You know, Paul, Reagan proved deficits don't matter," he said, according to excerpts. Cheney continued: "We won the midterms (congressional elections). This is our due." A month later, Cheney told the Treasury secretary he was fired.

[IowaKid]

Thank you so much Senator Boxer.

[NuOrigin]

It's time for the Dems to take the gloves off, and keep swinging. Both McCain and Palin are up against the ropes.

[krocklin]

Boxer would have been a good choice for VP.

[MagisterLudi]

Now THERE IS a great idea. But we got Mr. Safe instead. Yawn....

[oncethere]

The Republican answer to everything: DENY DENY DENY the problem. Please make it clear that there is a price to be paid for Denial.

[moreupnorth]

HuffPost's Pick

I totally agree with everything you say in the video clip. As some other commentor said "Spot ON" But besides the critcism what can be done about it. People are looking to the Democratic party for answers not just crticism. So I ask:

What is the answer?
What should be done to stop the Iraq money drain?
What are the plans of the Democratic party to sure up the economy?
Are you going to re-introduce finacial regulation to stablize the markets?

Those are just a few questions people would like some answers to. Why not do another video, in the near future, addressing those concerns as well. I for one would like to hear what you have to say. It is much more refreshing than Republican doubletalk.

[kaski]

The answer is for Congress to overturn the 1913 law that created the privately owned commercial Federal Reserve. And "We the People" MUST demand it from them. They are not a part of our government but rather a privately owned commercial entity. They TELL our government what's what with the money supply in this country when our central banking system should, according to our Constitution, be run by Congress and be the only ones to control our money supply. C' mon Senator Boxer have the guts to tell the American people the real truth about the Federal Reserve.
I highly recommend everyone readind two books: "The Web of Debt" by Ellen Hodgson Brown and "The Shock Doctrine" by Naomi Klein.
"Fascism should rightly be called corporatism for it is the merger of state and corporate power." Benito Mussolini

[caterpol]

Bravo Senator Boxer!

Passionate, and most of all spot on.

I can only hope your righteous passion will be contagious in the next 6 weeks.

[Dunelm]

Thank you, Senator. Keep expressing your outrage! The political, social, and economical state of this country sends "shivers down my spine." Please tie our national security to our economy. I am tired of Republicans trying to scare us to death about outsider/t­errorists. Osama Bin Laden chose the World Trade Center to boost his verbal message that he would destroy us economically. In the last seven years we have helped him in his mission with an illegal war, corporate welfare, a president who told everyone to go out and spend, and so on. We are a debtor nation! I just hope politicians like you will help America to wake up. McCain/Palin and their followers are living in a make-believe world. What has to happen to us before reality sinks in?

[Scarabus]

Straight-on! Facts have a well known liberal/pr­ogressive/­Democratic bias. But in the age of "gotcha" journalism, you should specify that costs/incomes comparisons have been adjusted for the value of the dollar. Otherwise, your words will be taken out of context and ridiculed.

[MPeter]

Yeah. Senator, we love you. Give them the boot. You know, from the time I saw you put that pompous punk, Inhoffe in his place, I have watched you every bit I can. Senator, you do credit to Dems and California. Keep them honest, keep pushing for change. Let Rethugs own their failure.

[oncethere]

"And he says the economy is strong." What is needed now, more than anything else, is a psychologist ---to explain the defense mechanisms of Denial and Projection. I can tell you that they are real and they have consequences. Bush and McCain have turned a blind eye to the corrupt practices on Wall Street, have made no effort to set limits or boundaries on them. Bush and McCain have denied the melting of the Middle Class; Bush denied the dangers of Katrina; he denied reports of an imminent terrorist attack.

Denial and Projection (e.g. Rush Limbaugh saying, in Nov. 2006, "We all know the Dems want to install a permanent majority in Wash) are considered "primitive" defense mechanims because they are typically used by lower functioning people---primitive and with a price to be paid when one uses them.