Bush Screws America, Again: Economy Slips to #2

He did it to Arbusto Energy in the '70s, to Spectrum 7 and Harken Energy in the '80s. Enormous debt. Selling his shares to foreigners just days before a negative report on losses, leaving the other shareholders to shoulder the burden.

Now, he's done it to the United States of America. Enormous debt (a $9 trillion turnaround from a $5 trillion projected surplus to a $4 trillion debt), sold to foreigners. Until, that is, the value of the dollar falls to levels that foreigners may prefer other currencies instead -- such as, say, the Euro?

The result?

For the first time since World War II the United States is not the world's #1 economy. We have slipped behind the European Union. (This, according to Erin Burnett on CNBC, Friday, March 14th.)

The European Union? What and where is that? Of course, we all know a "European Union", but that has national healthcare, strong unions, high tax rates on the wealthy, sales' taxes, well-funded pubic transport, free daycare, paid maternity leave..... so there is no chance that this is the same European Union whose economy exceeds the US, because those policies make prosperity impossible.

9/11, Iraq, Katrina, Deficits, Debt, $100+ oil, Afghanistan, Walter Reed (a generously incomplete list!): the European Union would never tolerate the ideology and incompetence of such heritable political power.

What an historical irony, and how tragic for all.

Comments

[grumpyoldwoman]

Our economy is in a terrible mess, but there is an upside: the America Firsters will have to shut up. There's no glory in yelling, "We're Number Two!"

[BadChristian]

Great Post.

They called it the "Ownership Society."

Many of them STILL believe in it... Even to this day.

Every drop of water, every inch of land, every breath of air, is better if it is owned by an aristocrat.

Mammon is good... So says the Corporate Christian.

[sa]

here's the problem -
the top 10% can't run a democracy.
unless the bottom 90%
are mostly stupid.
supposedly.

either it's not a democracy,
or the majority are stupid.

either way,
"america" is wrong.

maybe america is rich and stupid -
maybe that's why george w. bush is president -
he "unites" it all.

and maybe that's why it is all coming to it's just close...

[davedave]

i have no question that the death of the union is inevitable. nothing lasts forever.

but the question that interests me is how do we preserve it for a good while and not hurt any one or anything is the process?

d

[KaAp]

I just read a post where people believe global climate change remains a myth because of snows in Minnesota ... I have read about reverse racism (because "white" people have it so hard in the US), I have heard debates on television where presidential candidates raised their hands to say they do not believe in evolution.
I have always heard about "American exceptionalism," and the "Kingdom on the Hill" and on and on ... Americans believe the myth ---- you know "love it or leave it," you cannot be patriotic and critique the US ...
So, while wealth was being consolidated in the hands of fewer and fewer and while other places began to prosper ... blame was being posited as the lower classes hegemonically fought for the crumbs ...
There is always an end to empire ...
Now maybe we can focus on democratization