Wednesday, July 14, 2004

The last gimmick

It looks like the Bush "economic recovery" is over. The last gimmick, the supposed tax rebate (actually, just tax-refund checks that are more than overborne by increases in other family expenses) has dissipated; the debt-inducing low interest rates on home refinances are sliding upward; and personal credit-card indebtedness is maxed out and also subject to increasing rates. Bush has therefore run out of the unreality-based economic gadgets and is now left with this reality: He's spending money on arms and on security like there's no tomorrow (pun intended); he's cut taxes on corporations and on individuals to the bone; he's chopped all he can from federal programs; and guess what: The US is broke and can't get foreign governments to lend us the trillions we need any more.

So, with 100 days left before the election, Bush is left with only this prayer: Oh please don't let the bubble burst as soon as it's likely to.

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