President Bush has been criticized by members of both parties as something of a spendthift. With $1.7 trillion for the Afghanistan and Iraq wars alone, his administration has left a soaring debt, that now amounts to $30,000 per family.
It is now growing at $1 million a minute, according to the article hereWhat is particularly galling is that the Administration seems largely passive in the face of an economic crisis where the dollar has fallen not just well below the Euro but the Canadian dollar. Some countries are now considering dropping the dollar as their official exchange currency and many companies are refusing to accept payment in dollars.
Then there are the things that Bush has purchased with the money. A poll out this week shows a majority of Afghans oppose the U.S. and the Taliban is on the rise in the country. For the recent poll, click here In Iraq, a majority of people are equally critical and past polls showed that a majority of Iraqis supported attacks on American soldiers. In the meantime, the U.S. is handing over more power to Sadr, who it has accused of murder and is responsible for countless U.S. deaths.
For the full story on the debt, click here
Hence the Handbasket.
I agree it is striking how off-topic all the candidates seem to be on the urgent economic crisis looming over us.
Lester Thurow had it right 40 years ago.
Our “boom” economy has become just that: the fiscal equivalent of an internal combustion engine with its serial explosions turning the crankshaft. What we have now are serial financial bubbles driving us merrily along.
What happens when we run out of bubbles? Why we offshore our capital and drive labor costs down to the absolute floor and peg the world economy on the euro.
I am not sure that the Democrats are any better, but it is true that it is hard to imagine someone doing much worse on the issue. I have been struck by how all of the candidates appear out of touch is the dire economic conditions and particularly the crippling debt. Servicing this debt is now a huge burden for our kids. When you add the pending failure of the social security fund, we seem to be living in a fool’s paradise.
Yes, what was it the wags said when Bush was first installed in the WH:
“Our long national nightmare of peace and prosperity is finally over.”
Tax and spend Democrats or Borrow and spend Republicans, the two camps/strategies have now well-established track records and it is pretty clear which is preferrable.
It is also perfectly evident that the GOP has no aptitude for governing, no real interest in governing, and certainly no desire that there even be a popular, functioning government.
The pachyderm should be retired from its long service as the symbol for the GOP.
It should be replaced by a giant, gaudy Handbasket.