Tuesday, September 09, 2008

The McBush Borrow-and-Spend Mess

John McCain, admits he doesn't know much about the economy, nevertheless he has modeled his economic policies after the Bush administration's, even regurgitating their mantra that the "fundamentals of our economy are strong."

McSame's chief economic policy advisor even accused the besieged electorate of being "a nation of whiners."

As for The Decider's eight years of "trickle down" borrow-and-spend economic policy.... well, it's a fine mess you've gotten us into, Georgie.

The latest tally for the Bush administration's reckless spree... "Federal Deficit Estimated at Near-Record $407B" for the fiscal year ending this month.(WaPo)

Now, don't confuse this with the national debt... oh no. That's MUCH larger. The deficit is just the shortfall between the budget-year monies coming in and going out.

Congressional budget analysts report that this deficit is more than double that of last year's $161 billion, ..."the next president will take office facing a projected deficit of $438 billion... the largest in dollar terms in American history."

The chairman of the Senate Budget Committee, Sen. Ken Conrad (D-ND) said: "The next president will be inheriting a budget and economic outlook that is far worse than most people realize." The burgeoning deficit "means more borrowing from China, more borrowing from Japan and more borrowing from oil exporters like Saudi Arabia."

John McCain proposes doing more of the same, but on an even more-grandiose scale.... as Barack Obama points out, McCain "wants us to think he represents change, but he wants to spend $3.4 trillion more than President Bush on tax cuts, most of which will go to the wealthiest corporations and big oil companies and leave more than 100 million middle-class families without a dime of tax relief."

This preposterous economic situation would seem a far-fetched Laurel and Hardy slapstick farce.... sadly, it's a worsening financial reality propelling the nation into a fiscal black hole.

What the country doesn't need is an economically-clueless McCain, with sidekick moose-slayer Sarah.... who ran the debt of a 6,000 population Alaska town from zero to $22 million during her mayoralty.... calling the shots next January.


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