President Bush on the state of the US Economy,
including a discussion of the national debt and rising global interest rates, from today's news conference.
Framing the Economic Debate.
If you read Metafilter, you've no doubt seen
a few links criticizing Bush's handling of the economy. The unabashed partisans at the Heritage Foundation
have put together a document from which many of Bush's talking points about the economy (tonight, and throughout the campaign) are likely to come.
Is the budget deficit
going to be the other shoe that drops on the Bush administration? In the OMB's mid-session review [pdf]
, it admits the federal budget deficit would balloon to a record $455 billion this fiscal year after absorbing immediate costs from the war in Iraq, and then climb $20 billion higher in 2004. That's a 50% increase since the administration's last forecast five months ago. At least a few economists
think even that number is underestimated. To top it off, the consequences of an increasingly large deficit and accompanying tax cuts are being passed on to the states.
How's that for a neat twist on federalism?
Trickle Down Economics.
What with the neo-conservative movement in full swing behind Wolfowitz, the Bush administration is looking to take another cue from the Reagan years with the new tax cut for the rich. George H. Bush called it "voodoo economics"
. Does TDE or "supply side" economics actually work? Depends who you ask
and how they take their statistics.
Bush Cited Non-Existent eport
There was only one problem with President George W. Bush's claim
Thursday that the nation's top economists forecast substantial economic growth if Congress passed the president's tax cut: The forecast with that conclusion doesn't exist.
How Bush's economic stimulus proposal
may affect you. An easy to understand explanation of what we might expect from Bush's tax cut proposal to be announced on Tuesday.
"Nobel Prize-winning economist Joseph Stiglitz talks about the corporate looting spree and Bush's woeful mismanagement of the economy."
"The fiscal mismanagement of the current administration -- leading to a change in the fiscal position of the United States over the past year -- is absolutely phenomenal; going from huge surpluses to huge deficits and the deficits are probably going to be larger than people anticipated."
"If US drugs policy were a company, it would have gone bankrupt years ago."
This, see, is why Bush needs to increase military spending. long before the dot-com era, the same mentality fuelled the War on Drugs: spend now, and hope for profits... well, some time in the future.
"Mr Bush, the World Doesn't Want to Be American"
"... it is time for America's electorate to be told the blunt truth: that the present situation of the United States, with a part of its population able to enjoy a life of extraordinary comfort and privilege, is not tenable as long as an enormous portion of the world lives in abject poverty, degradation and backwardness."