McCain Proves His Economic Ignorance for the 2,438,956th Time

McCain's recent economic assessment:

On her radio show today, conservative talker Laura Ingraham asked Sen. John McCain (R-AZ) what he believed should be done to address the struggling U.S. economy. Ingraham listed several economic indicators that have declined in recent years to make her point. McCain dismissed the premise of Ingraham’s question, saying, “I still believe the fundamentals of our economy are strong”...

What wonderful news! Let's have a look at those strong economic fundamentals, then:

It’s not clear which fundamentals McCain is referring to. Eight years of conservative management have left the economy with something other than “strong” fundamentals:

- Inflation is rising. The U.S. economy is currently experiencing “the worst 12 months of inflation in almost three decades.”

- Real wages are declining. Americans are experiencing a “de facto pay cut.” “Almost everything costs more, even as [Americans] have less money to pay for it.”

- Unemployment is increasing. Americans have experienced “seven consecutive monthly declines in employment.”

- Cost of food is rising. Food prices are quickly increasing and even school lunches across the country will be more expensive in the coming year.

- Optimism about economy is declining. “Optimism in the U.S. economy among CEOs of the nation’s fastest-growing private companies” is at a 16-year low. Americans are similarly pessimistic.

- Foreclosures are still increasing. Home foreclosures were up 55 percent over last year in July and “17 [percent] of all homes for sale in the U.S. are repossessed properties.”

Yup. Them thar's some really strong fundamentals. You just keep right on believing that, Johnny, and we'll keep right on calling you a total fuckwit. Fair enough?