Wednesday, August 17, 2005

"w" economics

I know anyone that criticizes anything Bush does is somehow seen as a partisan traitor but here are some quotes from independents other than the wise economic professor at Princeton, Paul Krugman. David Walker, the independent comptroller general of the U.S. says, “The biggest threat to America is this administration’s fiscal irresponsibility, and last year will go down as the most fiscally reckless in the history of our Republic.” He said, “In the last four years Bush gave away hundreds of billions in unneeded tax cuts, an ill financed war with no planning or exit strategy and created an $8 trillion dollar prescription drug benefit without figuring out how to pay for any of it.” But it did get him elected. Paul Volker, who was the Chairman of the Federal Reserve under Ronald Reagan, warned that within five years we face a 75% chance of a serious financial crisis. If we don’t get serious soon, “Mr. Walker replied, “it’s not a question of whether it’ll come, but when and how serious.” Joseph Stiglitz, the Nobel-winning economist, says he is also “very worried about our financial future and our present leader’s shortsighted view of debt and taxes.” I know these guys aren’t unbiased leaders from Fox News or the right-wing Cato Institute but I think what they say carries some weight. China has leverage over us financially, and is buying up many U.S. businesses like their recent bid for the Unocal, Oil Company. If that happens, what do you think the price of gas will be? It’s a good thing we have two Texas oil men in the White House, eh?: If not, we might be paying more than $1.50/Gal. and ignoring conservation in the new energy bill or giving the poor oil companies billions in tax breaks. Ha! What products will America’s working class buy if they have no real jobs as a result of the Central American Free Trade Agreement (CAFTA)? If this doesn’t threaten our national security, what does? Bush and the Republicans are managing America’s finances like drunken sailors. They used to be for balanced budgets until they took control of Congress and the Presidency. Bush’s lies about Iraq have been criticized but how about his lies concerning tax cuts, budget deficits and the economy? What do we have to show for it? Endless War, Deficits, and Debt! If you want to see the faces of victims of these irresponsible actions look no further than your children and grandchildren because they are the ones who will suffer in the future. When all this hits the fan in the coming years remember who generated these problems. No one likes to hear bad news or dire warnings to come about terrorists flying into buildings, especially this administration. They ignored those warnings and still haven’t claimed responsibility. We need to face these financial problems or be doomed to repeat them. No wonder “w”s favorite president was Hoover.

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