George W. Bush, now loathed by all liberals and most conservatives, had a chance to begin redeeming himself today.
When he announced billions in new tax cuts he could have also declared the cutting of federal spending to mirror it.
He could have declared federal subsidies for oil companies unnecessary. He could have announced troop withdrawls from Japan, France, Germany and elsewhere as a cost cutting measure. He could have flatly stated that after the lousy example in LA of flood control management by the United States Army Corp of Engineers that he was going to cut their internal budget by 90% and require that all projects be put up for competitive bid and further, the Corp would defer to states to oversee actual construction by private companies. He could have stated the truth – that poor families receiving federal welfare have been done more harm than good and that D.C. would now get completely out of the welfare business.
Jimmy Carter stared stupidly at 21% interest rates and Dick Nixon numbly asked, “What’s this new thing stagflation?” They hadn’t a clue as to what was really going on and apparently neither does your friend and mine, George W. Bush.
How is the federal govt going to pay for this stimulus money that he is going to give to consumers?
It’s going to print money, that’s how!
Now listen, children! When you print more dollars you get inflation. It’s happening now, and as a result we are teetering on the brink of recession.
How can anyone not understand this?
How could Nixon, Carter, and now Bush be so happily ignorant and unabashedly dumb concerning economic policy?
Grim