2/07/2005

Economic Idiocy 101

Excerpted from James Boyne on Smirking Chimp:
Does this make sense?
President Bush is busy giving huge tax breaks and tax rebates to all segments of the economy but he is especially partial to the very wealthy and to large American multi-national corporations when it comes to tax favors, tax breaks, tax rebates, and special interest tax legislation for industries like the pharmaceutical, health insurance, financial services, and defense contracting industries, his principal political contributors who have donated hundreds of millions of dollars to see that he was re-elected.
President Bush was successful in giving back $350 billion to taxpayers last year. He now wants to make this permanent so that $350 billion is given back every year. He claimed that it would stimulate the economy and produce millions of jobs for Americans. It has not. President Bush remains the only President since Herbert Hoover to have had a net job loss during his four-year term.  In reality, job growth remains anemic for many reasons---outsourcing of over a million American jobs to China, India and Central America; three million illegal immigrants flooding into our country looking for American jobs on American soil every year; and a misguided Bush theory that throwing $350 billion back at mostly wealthy taxpayers and corporations will produce millions of jobs quickly.
In all likelihood not a single job was created by giving back $350 billion. Most likely, whatever money taxpayers received was spent on astronomical health care premiums, medical expenses, prescription drugs, paying off credit card debt, significant increases in $25,000 a year college educations, the $2 a gallon price of gas, and possibly rushing out to buy a home at the peak of the real estate bubble (which will in time, burst and come falling back to earth).
To President Bush I say, "Mr. President, there will never be a corner to turn with this approach; only a long, dark tunnel with an empty abyss at the end". Does not President Bush know that at the same time that he is trying to stimulate the economy that Alan Greenspan is trying to reign in inflation by putting a damper on the economy. It just doesn't make sense to have the President and the Chairman of the Federal Reserve working at cross-purposes on such an important issue.

The cruelest hoax of all is the pitiful so called "aggressive agenda" that the media keep referring to in describing President Bush's second term---his so called "mandate from the people". The details of his Social Security reforms; his Health Saving Accounts; his "ownership society"; and his Medicare reform plan are pure glitzy, glossy, hyped up public relations schemes. Their designed to fool the American public into thinking that everything is warm and cozy and that a $25,000 a year college education; a $15,000 a year health care insurance policy; a $40,000 price tag for a 15 miles per gallon gas guzzler; $2 a gallon for gas; 25% interest rate on your credit card; a $400,000 price for a 3-room split level in the suburbs; a $250 cost for a ten minute doctor's office visit; $700 a month for a monthly prescription for a few drugs-----well, all this is just normal. Yes, it's called the "ownership society".
In the meantime, President Bush espouses his immigration policy of actually encouraging 3 million illegal immigrants to come to the US to fill jobs that he claims "Americans won't do". At the same time he reorganizes the entire structure of our intelligence services at a cost of over $200 billion for Homeland Security to keep out illegal immigrants or find and track them once they are here. Does this make sense? Why would we encourage 3 million illegal immigrants to invade our southern border and then spend $200 billion trying to track down the few illegal immigrants that arrive through our airports, sail to our shores from Haiti on rickety boats, or hide out in a cargo container ship for a ten day trip from China. It just doesn't make sense.
Additionally, President Bush has spent $300 billion on the war in Afghanistan and Iraq. He is spending $1.2 billion of American taxpayers money every week---week after week after week. This is in addition to the bloated, sacrosanct Defense Department budget of $500 billion a year and the Intelligence Services/Homeland Security budget of $200 billion. One would think that the economies of both Afghanistan and Iraq would be in some way "stimulated". I see not a single construction crane rising anywhere in Baghdad. I see not a single building being constructed; not a road nor a street that looks clean, orderly and bustling with commerce. Maybe its me----but it sure seems like a lot of money on a "foreign venture". It just doesn't make sense.  I don't like it one bit.

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