America's Nightmare Worsens

With the national debt at $4.5 TRILLION and growing, President Bush is confident his plan is working.

Even before Hurricane Rita has come ashore, Newsweek has already estimated the cost to rebuild the Gulf coast after Hurricane Katrina will exceed $200 billion, which coincidently, is just about what the massive nation building effort in Iraq has cost so far. What's President Bush's response? He says, "It's going to cost whatever it costs, therefore, we should not raise taxes."

I think Rob Corddry of Comedy Central got it right in a Daily Show report entitled "Faith-Based Accounting" explaining how this administration's fiscal policy is paid for through supply-side economics. According to the doctrine of faith-based accounting, Republican presidents cut taxes. This makes people happy and the president popular. The tax cuts deprive the government of money, and after 8 years the deficit balloons to astronomical size. Then, with the economy in tatters, a Democrat is elected. He has to cut the deficit by raising taxes making people unhappy and him unpopular, perfectly setting up the next election where a Republican uses the Democrat's tax hike against them to win back the White House and start the cycle all over again.