George W. Bush’s bio. That’s what you get when youtype “miserable failure” into most search engines onthe Internet.
While the polls have his approval rating fairly high in the areasof security and foreign policy, he’s consistently below 50percent approval on domestic issues such as the economy. Americanscan read between the lines of the sound bites they’re beingfed and they know that economic recovery is not necessarily aroundthe corner. Mostly they just want jobs. Also, thispresident’s idea of a sustainable budget is more spendingcoupled with tax breaks for the wealthy.
You don’t have to be an accountant to figure out the problemhere.
Imagine you simultaneously get your pay cut while choosing to moveinto a more expensive apartment at the same time. I don’tcare who you are; you’ll go broke pretty quickly.That’s what’s happening with our government, onlythey’re in charge of trillions, not thousands of dollars.
The indicators of economic recovery are beginning to rebound, thestock market is heading up and there’s reason to beoptimistic. But is there? Where are all the jobs? Bush has theworst job creation record of any President since the GreatDepression.
You and I will soon be looking for full-time work; the status ofthe stock market doesn’t interest me as much as getting agood job in my chosen field. Bush promised the tax cuts woulddeliver more jobs, yet they never came. Instead, he took historicbudget surpluses and turned them into budget deficits. The worstpart is that we have nothing to show for the budget increases.
We’re told we’re safer now, but are we? We’vebeen on “yellow alert” for I don’t know how long,the newspapers’ front pages are littered with car bombs inBaghdad and suicide martyrs on the West Bank. That $287 billionBush asked for has done little, if anything, for the safety ofAmerican tax paying families.
To add insult to injury, the money used to finance Bush’sbudget increases is money the treasury doesn’t even have.That means that the government, like the rest of us when we come upshort of funds, has to borrow. Since the government borrows in suchlarge amounts, the money available to be borrowed gets drawn downso far that interest rates rise as a result. It’s kind oflike buying tickets for the World Series, with so many peoplecompeting for scarce seating, ticket prices soar. Interest is theprice of money so, when the government incurs a lot of debt, theprice of money rises. You and I will be the ones who have to pay itall back. We will be the ones buying houses and paying taxes in thecoming decades. I don’t know about you, but the prospect ofhigh interest rates and higher taxes in the future doesn’texactly thrill me.
The bottom line is that the Bush economic policy is really not aneconomic policy at all, it’s a reward for the people who puthim in office: the wealthiest 5 percent of Americans, in otherwords, not us. The ultra-rich have enjoyed massive tax breaks and,as of lately, a rising stock market. The rest of us, especiallystudents, have suffered.
The federal funds that support our education are shrinking, theso-called economic recovery has brought about few new jobs and whenwe do find work and make purchases we’ll be faced with hightaxes and interest rates. Now that’s what I call a miserablefailure.