thinkprogress.org — Before the war, economists were predicting that oil prices at just $75 a barrel could potentially send the U.S. economy into a recession. Therefore, the current economic situation should not come as a complete shock to the Bush administration.
Jan 23, 2008 View in Crawl 4
3tcpJan 24, 2008
The failures of the Bush administration in the economy are not just the damage done to it by the Iraq war but the complete disregard for the long term economic consequences of all the deficit spending that has occured since 9/11. Special interests saw this and the political enthusiasm for a 'war on terror' as a blank check for anyone who can justify their products as promoting security. Politicians have seen this as well.They've also failed to do anything to address the long term problems with the social security program and medicare. Politicians are too afraid of the political consequences of people who don't like the changes that are made so they're putting it off until it cripples this country so badly that people won't punish politicians for doing something unpopular even if it's necessary. Dugg for Joe Stiglitz, here's a direct link to the article they're talking about <a class="user" href="http://tinyurl.com/2yby37">http://tinyurl.com/2yby37</a>
birdoftruthJan 24, 2008
Time for me to move to Switzerland.
Closed AccountJan 24, 2008
What a baseless load of crap.You have no clue what you are babbling about.
Closed AccountJan 24, 2008
I was wondering when someone would say something retarded.
Closed AccountJan 24, 2008
these so-called economists have it exactly backwards. Our presence in Iraq is what has prevented us from entering a recession. If we "stabilize" the Middle East, foreigners (eg China & India) will continue to trade their goods and services for pieces of paper called US gov't bonds. If we were to spend the money on, oh, say, healthcare for fat lazy Americans, then foreigners wouldn't find the deal quite as justified."It is only when your power wanes—as the British learned after 1945—that owing a fortune in your own currency becomes a real problem. As opposed, that is, to someone else’s problem." <a class="user" href="http://www.hoover.org/publications/digest/2939401.html">http://www.hoover.org/publications/digest/2939401. ...</a>
thenazzJan 24, 2008
But there will be $600-$1200 in tax refund checks cut this year to make people forget the fact that their money lost 40% of its value since 2002... and it will work like a charm.
dumbledoritoJan 24, 2008
For the entire economy? No. For those already benefitting from it? A few.But just about everything he's touched has turned to s**t, so it's not a suprise.
dumbledoritoJan 24, 2008
You were gonna do that anyway.