Political Cortex: Brain Food for the Body Politic

No doubt you would claim it was the tremendous cost of running two wars, Iraq and Afghanistan, at the same time.  That you would not doubt claim was the real reason for skyrocketing budget deficits, certainly not yourself.

One daring listener, listening intently to the Bush lecture, might ask this personal question:

"Mr. Bush, as you relax in your marvelous new Dallas mansion, does it ever cross your mind when you consider the 4,500 U.S. service personnel dead and the Pentagon's estimate of 100,000 to 200,000 Iraqis dead in the war?  This estimate is strongly challenged by the noted and trusted London based medical journal The Lancet, which has calculated that some 1.35 million Iraqis have lost their lives since the first `shock and awe' attacks on Baghdad by American forces.  What about the fact that this war was launched on a tissue of lies?"

Bush would not answer that question.  Perhaps a smirk-laden smile would surface on his face.

Mr. Bush, your spending spree has left many states broke.  Connecticut, Ohio, North Carolina, Illinois, Pennsylvania, and Arizona are all in particularly acute trouble economically.

The Wall Street Journal on July 2 put it all in perspective as the U.S. celebrates the 4th of July.  In her article Laura Eaton explains:

"While California's multibillion dollar budget woes have become notorious, almost every state in the U.S. is facing severe financial problems.  Sales and income tax revenue have plunged in the recession."

California, once hailed proudly as the Golden State, could be renamed now as "The Bankrupt State."

Stu and Sabrina Shankman in the July 2 Wall Street Journal revealed:

"California's top accountant said that the state would begin issuing IOU's in July to hundreds of thousands of creditors after lawmakers failed to meet the deadline this week to close a massive budget deficit.

"California Controller John Chiang said Wednesday he planned to send out $3.4 billion of IOU's in July to state contractors and local governments, as well as to residents expecting income tax refunds, welfare grants and college scholarships.

"The decision to issue IOU's officially called 'individual registered warrants' will cost California heavily.  The state will have to repay the warrants will millions of dollars in interest."

The July 7 Wall Street Journal in an article by Ryan Knutson declared:

"Big banks don't want California's IOU's.  The group of banks included Bank of America Corp., Citi-Group Inc., Wells Fargo & Co. and J.P. Morgan, Chase & Co."

California now has a $26 billion deficit, and an 11.5 percent jobless rate.

When Europe was recovering from World War Two the U.S. was then the richest nation on earth, and through the Marshall Plan sent millions to rebuild Europe.  This mightily helped Europe recover from the great war.

Now the U.S. debt has contributed to the dollar descending in currency markets.  The British pound and Euro are much stronger than the dollar.  Why don't England and Europe have a similar plan to help the U.S. as the U.S. via the Marshall Plan once helped them?

The U.S. helps fund Israel.  Now that Israel has a budget surplus, we simply cannot afford to fund any nation with a surplus.  Therefore, should Israel help the U.S. economically now?  

After all, the aforementioned nations are not writing IOU's in the manner of the U.S.