I was sick as a dog yesterday. Woke up about 3:30 am and began a rotating cycle between my bed and a room with porcelain fixtures in it. By the time the alarm went off I knew going to work was out of the question-unless I could drag the porcelain to my desk- it was useless. Called in sick and rolled over and hunkered down in my bed in the fetal position.
As I laid there in bed, during my brief conscious intervals during the day, I watched-or more correctly listened to-the hearings involving the Fed Chairman and the Secretary of the Treasury. A couple of things jumped out at me:
1) Geithner was better when he was answering direct questions than he is at giving speeches.
2) Both men feel they have a plan.
3) Congress is going to go out of its way to fuck it up.
One of the most amazing things to me, is how quickly the shoe has shifted to the other foot. 8 years of profligate spending-without paying for it-is somehow conveniently forgotten. Now, and only now, are some in Congress worried about the effects of deficit spending.
Now don’t get me wrong, I’m worried about the size of Obama’s budget too. I believe the economy works best when the federal budget is balanced. I also, categorically reject the Republican staple arguments that: 1) We had to spend the monies on the war (s) so we could not spend it at home and 2) tax cuts will solve everything.
Regarding the war(s), aside from the fact that I agree with Thomas Rick’s conclusion that the invasion of Iraq was the single biggest foreign policy mistake by the United States in 50 years-I’ve never understood why we could not conduct them on a pay as you go basis. The war in Iraq has cost just under 700 Billion dollars to date. That’s not including the “other” costs that are hidden in the military’s yearly appropriation ( operating costs that are ostensibly “non-war” operating costs-but are really costs for logistics support and training for units in theater or deploying to the theater). Add those in the cost is closer to 1.2 Trillion over 6 years. (This does not include any of the Afghanistan costs either.)
Yet, despite an unforeseen event, there was not one single surcharge or additional means to generate revenue proposed by the Bush administration. At a minimum, 9-11 should have killed the Bush tax cut. Or prompted a 75 cent a gallon surcharge on gasoline. Just to start.
Those numbers also do not represent the opportunity costs for things that could have been done-but were not-because we were tied up in costs for a war that still is not going to end anytime soon, even after six years.
To put it another way, I’m tired of the same people who are all gung-ho to spend money on Iraqis, but can’t be bothered to spend it on Americans.
What military commitment have dropped in the past 50 years? I can only think of two and they were both forced on us-bases in the Philippines and Vietnam. We’ve simply added more. Like Octomom’s babies we’ve added a lot of extra mouths to feed.
And if we do not address health care now-then when? That’s another basic assumption I do not accept, that decent medical care is not a basic fundamental right of citizenship. Guess in the new buzzword bingo that makes me a socialist. I’m not and I don’t care if people think I am.
It is also accepted by reasonable economists that without a stimulus this recession will last a lot longer than it needs to. Tell me again how it benefits us not to confront that fact, instead of sticking our head in the sand?
In a world where companies can pay a guy a heck of a lot less competent than I am 6.4 million dollars in a bonus there is room to find money to help the rest of us. ( And as far as the “bonus baby” goes-I could have screwed up AIG for a lot less money).
Until someone actually offers a plan that makes sense-and spends money on Americans first, rather than Arabs first-I’ll cautiously support the President.