It seems like when I studied economics in college, they talked about monetary and fiscal policy. Today it's only about monetary policy. Everybody on Wall Street wants the Fed to cut interest rates. They want Bernanke to reinstate the "Greenspan put" to shield traders from their losses. I oppose the "Greenspan put" but that's not my main point.
My question is, "What happened to FISCAL policy?" Basically, with the Bush tax cuts and deficit spending, fiscal policy is based on a perception of the economic climate as, "Oh my God, we're all going to die!" The government has to spend and encourage businessmen with tax breaks as if we were in a deep depression and there was no tomorrow. Of course, that is not the case. It's just that businessmen like you better if you give them money; so, Bush and his cronies have given them tons of money. And he has a 27% approval rating to show for it.
But that puts Bernanke and Treasury Secretary Paulson is a tough spot, because half of their tools -- the fiscal policies -- are gone. Dick Cheney has already shot his friend in the face and doesn't have any ammunition left. So, it's all on Bernanke, who so far seems to be taking his job seriously, much more seriously than Congress, Tony Snow, or George Bush. Bernanke may actually care about this country. If so, hooray for him! But he should not have to fight this battle alone. (Somehow, he, unlike Tony Snow, can live on a government salary.)
Tuesday, September 04, 2007
Tony Snow & Average Americans
Tony Snow said he is leaving as spokesman for the White House because he can't live on a salary of $168,000 per year, according to the Washington Post. If the average salary is something like $50,000 per year, what does this say to average people? Inflation is crazy out of control; people in hedge funds and private equity are making thousands of times more than average people, according to the Kansas City Star. Salaries in wealthy sectors are going up so fast that the government can't hope to keep up, especially when taxes on the rich people making these obscene salaries are going down instead of up.
And what does Tony Snow's resignation say about government service. For Snow, working for $168,000 a year was a tremendous sacrifice that he wouldn't continue. What about an enlisted man serving in Iraq? I don't know what he makes, but it's a lot less than $168,000 per year. Of course the deep pockets Republican sector is hiring the best special forces soldiers away from the military at something like Tony Snow's government salary to serve in the private security services in Iraq, such as Blackwater, Triple Canopy and their ilk.
It's pretty clear that Republicans and maybe most Americans of any political persuasion, love money more than they love their country.
And what does Tony Snow's resignation say about government service. For Snow, working for $168,000 a year was a tremendous sacrifice that he wouldn't continue. What about an enlisted man serving in Iraq? I don't know what he makes, but it's a lot less than $168,000 per year. Of course the deep pockets Republican sector is hiring the best special forces soldiers away from the military at something like Tony Snow's government salary to serve in the private security services in Iraq, such as Blackwater, Triple Canopy and their ilk.
It's pretty clear that Republicans and maybe most Americans of any political persuasion, love money more than they love their country.
Friday, August 24, 2007
Warner Less than Courageous
The George C. Marshall Foundation honored Sen. John Warner at this 2007 celebration of the 60th anniversary of the Marshall Plan. Winston Churchill praised General Marshall as the "organizer of victory." Looking at the war in Iraq, has Sen. Warner been an organizer, and has the US been victorious? No. Warner, as chairman of the Senate Armed Services committee, has presided over the destruction of the US military. Too few men and women were assigned too large a task in bringing a new government to Iraq. The military has been over-stretched and under-supplied, often lacking flack jackets and armored vehicles, even for the too few troops who were set there.
Now Warner has called for pulling out 5,000 troops of the 160,000 currently there, if the President wants to. It's almost nothing. It's too few to be noticeable, and probably too few to make a difference one way or another. It's symbolic, and that's something, but it's not much. What George Marshall did was more than symbolic. He took a small, peacetime military, much like America's today, and transformed it into a huge fighting machine that made the difference in World War II. He made hard choices; he replaced peacetime generals with generals who could fight. He drafted millions of men; he turned America's industrial base on its heels toward the production of military equipment. Bush and Warner kept their yes-man generals and gave huge tax breaks to the rich. They said, "Keep us in power and we'll give you lots of money and send some worthless farm boys and ghetto kids to die in Iraq. And we'll do it with generals who won't rock the boat." Their contempt for average Americans is boundless.
Warner may not be the worst politician in the Senate, but he certainly does not deserve to be mentioned in the same breath with General George Marshall.
Now Warner has called for pulling out 5,000 troops of the 160,000 currently there, if the President wants to. It's almost nothing. It's too few to be noticeable, and probably too few to make a difference one way or another. It's symbolic, and that's something, but it's not much. What George Marshall did was more than symbolic. He took a small, peacetime military, much like America's today, and transformed it into a huge fighting machine that made the difference in World War II. He made hard choices; he replaced peacetime generals with generals who could fight. He drafted millions of men; he turned America's industrial base on its heels toward the production of military equipment. Bush and Warner kept their yes-man generals and gave huge tax breaks to the rich. They said, "Keep us in power and we'll give you lots of money and send some worthless farm boys and ghetto kids to die in Iraq. And we'll do it with generals who won't rock the boat." Their contempt for average Americans is boundless.
Warner may not be the worst politician in the Senate, but he certainly does not deserve to be mentioned in the same breath with General George Marshall.
Bush Criticizes Cowards on Vietnam, Injures Foot
By comparing Iraq to Vietnam, Bush shot himself in the foot, as chronicled by many commentators, including this WP op-ed. Bush would have had other, poorer, less educated, less beautiful people fight on for years in Vietnam, while he partied during his ignored National Guard service. At least we tried, putting at least 500,000 troops in Vietnam for a while. Why doesn't Bush try that in Iraq? He's afraid to. But he'll probably do his best to see that the career military gets blamed for losing another war that he tried valiently to win. He'll blame the military for not fighting hard enough and not supporting him enough.
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