When President Bush recently claimed that the American economy is "thriving," it raised an obvious question, "What planet is he living on?" Here on Earth, shoppers at Wal-Mart, the world's biggest retailer of low-price merchandise, are spending less because rising interest rates and gas prices are taking a toll on paychecks. "Consumers are running out of money by the end of the month," Wal-Mart President Lee Scott said on Tuesday. BusinessWeek described his assessment as "unusually grim" and "bleak."
Contrasting Bush's claims with real-world reality, CNN's Lou Dobbs reported that rising costs are "part of the war on the middle class, whether they be energy prices or interest rates.
"But the big part of the story here," Dobbs added, "are wages that have been stagnant for so many years."
To read the transcript from Lou Dobbs Tonight, click here.
To read the BusinessWeek article about the sluggish economy, click here.