Originally published July 18 2005
Financial watchdog, economist concerned about Bush's spending habits
by Mike Adams, the Health Ranger, NaturalNews Editor
New York Times columnist Nicholas D. Kristof says that the Bush administration is one of the most financially irresponsible in history, and that concerns expressed by U.S. Comptroller General David Walker and Nobel Prize-winning economist Joseph Stiglitz are evidence to this statement.
Rather, the biggest risk may come from this administration's fiscal recklessness and the way this is putting us in hock to China.
"I think the greatest threat to our future is our fiscal irresponsibility," warns David Walker, the comptroller general of the United States.
Mr. Walker, an accountant by training, asserts that last year may have been the most fiscally reckless in the history of our Republic.
Aside from the budget deficit, Congress enacted the prescription drug benefit - possibly an $8 trillion obligation - without figuring out how to pay for it.
I asked Mr. Walker about Paul Volcker's warning that within five years we face a 75 percent chance of a serious financial crisis.
Another issue is that three-fourths of our new debt is now being purchased by foreigners, with China the biggest buyer of all.
On fiscal matters both parties have much to be ashamed of, but Republicans should be particularly embarrassed at their tumble.
Traditionally, Republicans were prudent, while Democrats held great parties.
But these days, the Bush administration is managing America's finances like a team of drunken sailors, and most Republicans keep quiet in a way that betrays their conservative principles.
Critics have pounded the Bush administration for its faulty intelligence in the run-up to the war in Iraq.
But President Bush peddled tax cuts with data that ultimately proved equally faulty - yet the tax cuts remain cemented in place.
"That is more debt, repaid more quickly, than has ever been repaid by any nation at any time in history."
More than two centuries of American government produced a cumulative national debt of $5.7 trillion when Mr. Bush was elected in 2000.
America's fiscal mess may be even harder to write about engagingly than Darfur, because the victims of our fiscal recklessness aren't weeping widows whose children were heaved onto bonfires.
All content posted on this site is commentary or opinion and is protected under Free Speech. Truth Publishing LLC takes sole responsibility for all content. Truth Publishing sells no hard products and earns no money from the recommendation of products. NaturalNews.com is presented for educational and commentary purposes only and should not be construed as professional advice from any licensed practitioner. Truth Publishing assumes no responsibility for the use or misuse of this material. For the full terms of usage of this material, visit www.NaturalNews.com/terms.shtml