Screw fiscal restraint... if you are looking for that, check the rearview mirror because that was the "bump" you felt a few miles back....
I realize it's not titillating or salacious, but I gotta say, watching the newest appropriations heading to the Senate floor is like watching someone pile credit card debt on credit card debt so they can afford a vacation to get away from all the stress they have about their credit card debt.
You ever slowed down to look at a car wreck... this one's a doozie...
On the Diane Rehm show today the topic was politics in Iraq. I wanted to talk about the bottomless pit of spending we got going there. So we compromised. I opened with "The reason we care about political stability in Iraq is it presumably will increase security here at home." A couple of bridge sentences later and we were on to the topic I really wanted to talk about. The Money
The reason I called was I never dreamed I would have a chance to raise the issue with Thomas Donelley. He was one of the guests. Most people don't know who he is. He doesn't get out much. But don't underestimate his importance. He's the guy listed as Lead Author of the (in)famous PNAC "blueprint" for the Bush Doctrine. FWIW he wrote that little barn burner while on leave from his day job as Director of Strategic Communications and Initiatives for Lockheed Martin.
Now you can see why I was willing to hold for 37 minutes.
Here's why I bring all this up: Anyone who has bought a car, boat, computer, or house knows the purchase price isn't the ACTUAL price of ownership. The Total Cost of Ownership is the purchase price PLUS repairs, maintenance, supplies, service, materials, security, insurance, etc. etc. etc.
Well ... the same thing is true when you buy into a war. Turns out the Pottery Barn Rules are a lot more expensive than we originally were led to believe. A WHOLE LOT more expensive.
So I pointed out that we already had one emergency appropriation to pay for social structure immediately after we invaded (70 Billion) but it got hijacked for security. Then I noted that Mr. Donnelley was pretty clear that security was going to continue to be a problem for a long time. Which brought me to the CURRENT emergency appropriations. This morning it was rumored to be somewhere around $106 Billion.
We don't know how it will be spent, we don't have any accounting for the money already spent, and we don't know how long this is going to last. So you could appreciate I might be feeling a little uncomfortable about tossing more fuel on the fire here. Especially when it's the fifth "emergency" appropriations to date.
Some might look at that like their deadbeat brother-in-law hitting you up for another one of his "sure-fire" get rich quick schemes. Some might call that bad planning. Some might see it as a golden opportunity. I'm sure folks holding Lockheed Martin (LMT) stock probably see it as all good. After all, their stock is up 50% and it has paid dividends 12 times since we invaded Iraq. If I was them I'd be suggesting people find the "political will" to make the "necessary sacrifice" for the "long war" too.
I suppose it was unfair of me to ask, but I had to do it, so after I pointed out he was the guy who wrote the policy and worked for a major benefactor of this war, I asked, "How do we get the security we need by following a policy that demands we put money we don't have into pockets we can't locate for a threat we can't define? "
He didn't have much of an answer. He wandered around a bit, hit "Sept. 11th"and wound up at "it was boneheaded but consider the alternatives." Great.
Here's the sad part. This just came over the AP wires. Turns out the new appropriations is not $106 Billion. It's grown! By $15 Billion!
But wait. There's more! According to the wire report from Korea:
"that figure could grow as senators of both parties press amendments to add money for border security and medical care for veterans.
The White House, itself _ despite its own concerns about the measure's spiraling cost _ plans to ask as early as Tuesday for another $2 billion (euro1.62 billion) to repair and strengthen levees in and around New Orleans."
This is beyond insane...it's surreal. I don't know which is worse. The fact the Koreans know we are screwed before we deo, or that we actually have now officially broken everything including the Pottery Barn Rule!