"Economists say overall consumer spending has slowed mainly because the richest 5 percent of Americans -- those earning at least $207,000 -- are buying less. They account for about 14 percent of total spending. " 14% of the rowboat has water, does the rowboat sink? On this site, it does!
This counts for more than that story: We already had 8 years of coddling the upper crust, and that graph through the beginning of 2009 is the result. Since the beginning of 2009, we stopped digging that damn hole. We have a long way to go before we make up for the damage done by the philosophy behind that idiotic story, but at least further damage has been stopped. Also, just for sh*ts & giggles, the result of the Clinton tax hikes: Notice the scale: the zero line is towards the bottom of the Clinton chart, and in the entire Clinton term, hours worked only went below zero on a year-over-year basis very very briefly in 1996. The zero line, by contrast, is near the top of the Bush chart. Bush and his tax cuts had a real hard time keeping things above the zero line. Selah.
Although I liked Bill Clinton overall as President he has quite the crooked history in Arkansas as well if you look him up. Birds of a feather flock together.