Inflation and interest rates are
rising, stock values have plunged, a tank of gas induces sticker shock,
and for nearly a year, wages have failed to keep up with the cost of
living. Yet in Washington, the political class has been consumed with
the death of a brain-damaged woman in Florida, the ethics of the House
majority leader, and the fate of the Senate filibuster. The disconnect
between pocketbook concerns of ordinary Americans and the
preoccupations of their politicians has helped send President Bush's
approval ratings on the economy down, while breeding discontent with
Congress. The problem has yet to grow into a political wave that could
sweep significant numbers of lawmakers from power next year, but both
parties face risks if they fail to pivot their attention to economic
issues. Few economists would say the nation is at risk
of slipping back into recession, but most believe the United States is
back in a "soft patch." Inflation jumped 0.6 percent in March, the
Labor Department said yesterday, the biggest price surge in five
months. The 115-point plunge that followed the inflation announcement
brought the Dow Jones Industrial Average to its lowest level of the
year, 842 points below the height it reached in late December, when
Wall Street rallied after Bush's reelection. [more]
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