Thursday, Sept. 16, 2004 | 9:37 a.m.
President Bush inherited a $5.8 trillion surplus. Instead of investing this surplus for the American people, he squandered it on ill-advised rebates and tax cuts, which have only benefited the wealthiest among us. "Bonehead economics" is the most descriptive term describing the fiscal fiasco Bush created.
Bonehead Economics is premised on the assumption that tax-cut money will create new jobs and stimulate the economy. In my case, all of my tax-cut money was wiped out by rising health care insurance premiums, coupled with higher co-pay fees for medical appointments and medicines. Since the 2000 election, my cost of living has increased. Utility bills have gone up substantially. We all know the price of gasoline. Milk is nearly $4 a gallon. We pay 30 percent more for meat.
Bonehead Economics has led to humongous trade imbalances. It appears the only thing the Bush administration has successfully exported is 3.5 million jobs. Another 3 million jobs are forecasted to go abroad.
Our economy is chugging along because people are spending money to buy consumer goods that they would normally put into savings. Individual debt is rising through overuse of credit cards bearing high interest rates. As the federal deficit grows, the government will be competing with the public to borrow money.
I have been a registered, voting Republican for the last 35 years. But my Republican family cannot afford four more years of George Bush's bonehead leadership.
WILLIAM R. MORALES
archive
