Saturday, September 17, 2005

George Bush and spending

I can't understand George Bush and his desire to spend money we don't have. He has been running the largest budget deficits we have ever had, yet now says he will spend at least $200 billion more to reconstruct the hurricane ravaged south west, without raising taxes to pay for it. Where does he think this money is going to come from?

We have to pay all this money that we are borrowing back sooner or later. Either that means we as a country spend less money so that we have money left to pay back, or the foreign countries (primarily Japan and China) that have been lending us money will buy more of our properties.

How can people think that Bush is fiscally conservative? He talks about how bad big government is, creates the largest government we have ever had, and gives tax breaks to the rich while borrowing record amounts to pay for all of this. The last time we had large budget deficits was under Reagan (another "fiscally conservative" republican), and at that time the concern was whether Japan was going to buy all of our best properties (there were big complaints when a Japanese real estate developer purchased Rockefeller Center in New York City in 1989). Now the concern will more likely be weather China buys the properties, and we have already seen the start of it with a Chinese company trying to buy Unocal oil company.

The American people need to learn that we can't borrow all this money without somehow paying it off. There is no free money. All this borrowing is giving away our future.

This is actually a problem built in by our government system - one that Bush is just taking advantage of. Because the elected officials are all only in office for a short time, they don't have to worry about long term impacts.

Sorry, just had to rant...

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