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A Pessimist's View: Where Will We Be in 2008? |
| Section: CURRENT ISSUES / ECONOMIC WATCH |
| Author: Martin Hutchinson |
| Publication: The world & I online |
| Issue Date: 1/1/2005 |
| Size: 1,449 Words, 8,801 Characters |
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Since Americans recently chose a president, they should be thinking about the next four years. So I thought it worth looking at today's economic trends and the candidates' economic policies to see where, by 2008, they may have led us.
There are a number of unexploded bombs hidden in the U.S. economy, by no means all of which are George W. Bush's fault, but all of which will have to be dealt with in the next few years.
The bomb for which Bush is most directly responsible, together with the spendthrift and feckless Congress led since 1998 by House Speaker Dennis Hastert, is the federal budget deficit. Here the problem is only partly the Bush tax cuts, both passed at a time when they looked appropriate to dig the United States out of a mild recession. I would argue that a number of feat...
. . .
...ingle digits by 2008, because of the VAT, but real inflation will be beginning to come under control. Unemployment will be above 8 percent. Social Security will remain unreformed because of the budget difficulties.
Thus, the Dow Jones Industrial Index on Election Day 2008 will be below 5000. All in all, government will grow and your income won't.
© 2004 United Press International
(812 of 8,801 characters)
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