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.