One look at today’s business section and it’s obvious why President Bush had so little to say about the state of the Union in his State of the Union address. We’ll start with Markets Dipping in Shaky Session, in which we see the Dow threaten to dip below 8000. Drilling and oil equipment companies had bad fourth quarters and have gloomy outlooks for 2003, despite the fact that oil prices are rising due to fears of supply shortages. The number of new jobless claims increased for the second straight week. AOL Time Warner posts a ridiculously huge loss, and closer to home Reliant posts a larger-than-expected loss. Luby’s Cafeterias may default on an $80 million loan payment.
To help jolt economic growth, Bush has offered a 10-year, $674 billion tax-cut proposal. Democrats have their own, smaller-scale plans.
There goes that darned Liberal Media again. I guess I should be glad they didn’t call it a “bold” plan.