Monday, August 08, 2005

The Sky Is Falling, The Sky Is Falling

New York Times columnist Paul Krugman writes about the housing bubble, and the fact that it is bursting as we speak. He makes some interesting points, and he may be correct... or not. I just wanted to highlight his shot at the economy in general in the second to last paragraph:

Meanwhile, the U.S. economy has become deeply dependent on the housing bubble. The economic recovery since 2001 has been disappointing in many ways, but it wouldn't have happened at all without soaring spending on residential construction, plus a surge in consumer spending largely based on mortgage refinancing. Did I mention that the personal savings rate has fallen to zero?

You know, the economy that's going great, no thanks to Mr. Bush? Lowered taxes, decreasing deficit, higher than anticipated job growth, lower unemployment, yada, yada, yada. Well, I have a comment for Mr. Krugman...

It's the economy, stupid!
Then Sebastian Mallaby makes a case that it's all luck, that some fortuitous serendipity follows W around like a lost puppy.
WHEN IT COMES to economic policy, George W. Bush has all the luck. He's like a drunk who wanders across a six-lane highway and somehow never quite gets smushed.

This has got to be infuriating. That six-lane highway is populated by a large majority of Mainstream Media, a large minority of the U.S. Senate and the U.S. House of Representatives, most of Hollywood, and various and sundry character assassins, all gunning their engines and spinning their wheels for yet another shot at the President.

Even the suicidal Helen Thomas, anxiously glancing over her shoulder looking for any indication that Dick Cheney is going to announce a run for the presidency, takes time to whine and cry over W's attitude (and the John Bolton appointment as United Nations Ambassador!):

In fact, Bush is proving that a lame duck has a lot of power to do what he wants to do since he doesn't have to be reelected and, therefore, is answerable to no one.

Furthermore, he indicates he could care less whether he goes up or down in public opinion polls. [...]
So, would you rather be good, or lucky? George W. seemingly is both.

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