President Bush has treated the economy the same way he has treated Iraq – he destroyed both of them. Remember when we had to cut taxes because there were budget surpluses? Well, the good old days are long gone as an administration official has projected a record $490 billion budget deficit for next year. The President continues to make good use of that MBA he earned at Harvard Business School (the President recently called the economy “basically sound” the other day which had to make you laugh if it wasn’t such awful news for so many Americans).
Someone still needs to explain why it was a good idea to give hundreds of billions of dollars in “rebate” checks when our economy is in such a large hole (wouldn’t it be great if you could treat money the same way the federal government does). If there was ever a time for a balanced budget amendment to the U.S. Constitution, this is it. Forty-one states require their budgets to be balanced to avoid this type of nonsense and there is no reason the federal government should not comply with such a common sense approach to spending. Irresponsible is too kind a word to describe giving cash advances to Americans financed by debt to China and Saudi Arabia. Spending $10 billion a month on our current misadventure in Iraq has not exactly helped the situation domestically either.