McCain: ‘The Fundamentals of the Economy are Strong’

by Tula Connell, Jun 9, 2008

Over the past few years, no matter how badly America’s workers suffered from a tanking economy, President Bush has had a standard response: The fundamentals of the economy are strong.

Now, as the nation is sucker-punched by a series of disastrous economic news—worsening unemployment, a million home foreclosures, unaffordable gas and food prices, stagnant wages—it’s long past time for such pat pronouncements.

Or is it?

Hours before we learned the unemployment rate shifted to an egregious 5.5 percent, oil costs rose to an unconscionable $139 a barrel and the Dow stock index plummeted by nearly 400 points in a day, here’s what likely Republican presidential candidate Sen. John McCain had to say:

I have a great belief that the fundamentals of the economy are very strong. Very strong.

Don’t believe it? Watch it.

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