When I heard Bush make this statement in response to today's reported 0.4% increase in consumer prices, I almost fell out of my chair with laughter. One must laugh, afterall, to keep from crying.
How does he come up with this nonsense? Does he honestly believe that running up the biggest deficits in history in the face of rising inflation is "wise fiscal policy"?
I know that Bush does not think - he only believes things. If low revenues (and the resulting deficit) is really good fiscal policy, why does the World Bank impose fiscal restrictions on countries that are not able to control their spending and are overwhelmed with debt. Does he honestly believe that a national debt of $8.3 trillion is a GOOD thing? Does he really want to see it higher?
Since becoming President George Bush has presided over one of the steepest increases in the Federal debt in history.
This is largely the result of cutting taxes - hence "keeping revenues low". While this might be good for high-end taxpayers, it is hardly best for future generations or the mass of us who will suffer as a result of rising interest rates, increasing inflation, and declining productive capacity.
Even the core of Bush's constituency does not agree with him on this issue. The Conord Coalition for example feels that the out of control deficits that we are experiencing are a threat to our economy.
Is this the start of a new disinformation campaign?
<http://www.concordcoalition.org/issues/primers/fiscal-responsibility.html>