NBC News First Read mentions a report released yesterday by Merrill Lynch's research department to clients (a clear majority of whom undoubtedly are Republicans). It's not a pretty picture, to say the least. The supply-side "trickle-down" economy is exposed as a complete farce. There's no way these people can believe in it, their own investment company is telling them it's a failure. Any time you hear one of them defending it in the future, you have your talking points listed below, courtesy of Merrill Lynch (I bolded critical numbers and terms):
The Merrill Lynch research department yesterday presented clients with a list titled "Seven Constraints Facing the Consumer:"
1) Personal "savings rate at -0.7%;"
2) "Debt/income ratio at a record 124% (was 117% a year ago);"
3) "Housing affordability at a 14-year low; 16-year low for first-time buyers;"
4) "Fed tightening... - households have $2.3 trillion of short-term debt that will get dinged by the relentless rise in short-term rates;"
5) "Higher energy prices;"
6) "Lagging wages: average hourly earnings" are growing at the "weakest pace" since December 1990; and,
7) "Regulatory credit changes: Fed letters of guidance (mortgages), tightened bankruptcy protection laws (Chapters 7, 13), higher minimum credit balance payments."
So, there you have it: The Republican economy at work for Americans.