Monday, September 15, 2008

Is It Possible Bush Hasn't Cut Taxes Enough?

"You know, if you let me write $200 billion worth of hot checks every year, I could give you an illusion of prosperity, too." Senator Lloyd Bensten.

Oh course Bill Clinton put it better when instead of the "illusion of prosperity" he used "show you a good time." But that's Bill, and that was last year. And Lloyd Bensten said it back in 1988 when he was pointing out the fundamental weakness of Reaganomics. Or "trickle down" theory. Or whatever they want to call it today.

Bush has taken the theory to a whole new level. Aggressively cutting taxes while at the same time increasing spending. Most of the increase in spending going to Iraq which we shouldn't have done in the first place but that's another story. Even Reagan raised taxes eventually. Oh and Sarah Palin, as Governor of Alaska, raised taxes too. Sometimes taxes are raised. It happens. I agree with Grover Norquist on one thing, it would be totally awesome if none of us had to pay any taxes at all.

I would like to open a checking account with ten dollars and then just start paying my mortgage every month with a check without the burden of actual money coming out of my pocket. This is the Bush economy.

As I watch the dow plummet today, (now down 353 as I write this) I am thinking about the news that came out over the weekend. The news that no doubt has been covered up by the current crisis on Wall Street. The IMF or the International Monetary Fund is getting ready to help another struggling economy. Nope, it's not Mexico or Venezuela. It's not Iraq or Ethiopia. It's the United States of America. The Bush administration has quietly agreed to let the IMF come in and look at the books so to speak. That's where we are now. Usually we are the people to suggest to other countries "maybe you should let the IMF come in and make some suggestions." We're at the point now where we need a bunch of really smart economist to come in and fix what's wrong. And if they're doing this this close to the election things must really be bad. Probably more so than they are telling us.

Lehman Brothers owes 613 billion dollars. But unlike you or I, they can file bankruptcy and walk away without paying. Thanks to that bankruptcy law that yes, Obama voted for and Clinton and McCain and the president signed.

Our country is at risk from these economic policies. Maybe gay marriage and stem cell research aren't the only things we should be worried about. Terrorism isn't the only thing that puts us at risk. It's the economy (again) stupid.


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