Bush's Recession?

The Iraq War has moved off the headlines, but the costs of the war continue to rise. According to Congressperson Carolyn B. Maloney (D-N.Y.) each and every American citizen is responsible for forking over $4, 125 to cover the cost of what has thus far been the biggest strategic blunder in American foreign policy since the Vietnam War. That figure, incidentally, is expected to rise to $ 9,250 by the end of the decade.

Bush, of course, cut taxes while launching three unfinished wars (Afghanistan, Iraq, and the War on Terror). He also failed to reform the Alternative Minimum Tax (ATM), which will mean many ordinary taxpayers will soon face steep increases in their tax bill. That’s because ATM was never indexed for inflation, thus tax rates meant for the wealthy decades ago will now snare decidedly middle class earners.

The value of the dollar has been in steep decline, the price of oil is at or near an all-time high, inflation is on the rise, home prices are as depressed as Bush’s approval ratings, and even the president acknowledges there are storm clouds on the economic horizon. Here’s a prediction for you: the Bush Recession will be one of the major stories of 2008. Don’t say you weren’t warned. Indeed, as Bush himself said when selling his snake oil tax cuts, "It’s your money, you paid for it." Bush only got the verb tense wrong.

Sphere: Related Content