We keep hearing George W. Bush claim that the economy is doing so well and some of us keep asking, for whom?  Fresh evidence is showing that it certainly is not such a great economy for the Average Joe. 

New reports are showing that high energy prices mixed with sagging home values are pinching the main driver of our economy, the middle class.  Retailers and economists are saying that many Americans are waiting to buy big ticket items and cutting back on extras.  They are putting off home improvements, dining out less and otherwise tightening their budgets.

We keep hearing George W. Bush claim that the economy is doing so well and some of us keep asking, for whom?  Fresh evidence is showing that it certainly is not such a great economy for the Average Joe. 

New reports are showing that high energy prices mixed with sagging home values are pinching the main driver of our economy, the middle class.  Retailers and economists are saying that many Americans are waiting to buy big ticket items and cutting back on extras.  They are putting off home improvements, dining out less and otherwise tightening their budgets. 

One expert predicts that this trend will cause consumer spending to fall from a rate of 2.5 percent to around 1.5 percent during the second half of this year brining down the overall economic growth at the same rate. 

The effects of the average consumer cutting back is having an effect on a large variety of businesses.  Largely because of the housing market slowdown, companies like Lowe's Cos. Inc. and Williams-Sonoma Inc.  are seeing their stocks tumble as the see less profits.  In the restaurant industry, we are seeing places like Applebee's International Inc's sales drop and profits fall, while the more affordable McDonald's Corp. has shown a net increase in income.  The worsening conditions for the middle class has even caused the giant Wal-Mart Stores Inc. to realize its first quarterly decline in a decade this month. 

This all goes to show that the economy is not as great as the Bush administration would have us believe, at least not for the average consumer.  It also proves that the gravy train that this Administration has provided for the super rich at the expense of the working classes, is likely to end badly for everyone. 

Update: The New York Times is reporting today that with the economy beginning to slow, the current expansion has a chance to become the first sustained period of economic growth since World War II that fails to offer a prolonged increase in real wages for most workers.  The article also says that the current situation is adding to fears among Republicans that the economy will hurt them in November.  They should be worried since the median hourly wage for American workers has actually declined 2 percent since 2003, after factoring in inflation.  All more data to prove that the Bush Administration's policies have favored the rich at the expense of the middle class.