Friday, April 29, 2005

Bush's legacy

So Bush finally takes off the mask, and as he does so, the shape of his legacy is becoming clearer. On the economic side, it will be massive cuts in the country's social insurance program; massive economic restratification (via abolition of the estate tax); and a couple trillion added to the deficit (possibly setting up a massive bout of inflation, or a devaluation of the dollar, or both). On the social policy front, the jury is still out on how successful he will be, but he seems set to at least try to inscribe Christian fundamentalist tenets into the country's basic law. And on the foreign policy front, he will be largely remembered for his quixotic effort to institute a new "Bush doctrine" of preemptive war -- with a quagmire in Iraq as its main fruit (keep in mind that Afghanistan was not the fruit of the Bush doctrine, having taken placed before the doctrine was promulgated).

1 comment:

Ed said...

Hey Small,
I have to say I am with Bush on cuts to Social Security. The Private Accounts are admittedly political sugar designed to make pallatable what everyone has know for the last 10 years or so. The early 1980's fix, did most of the job, but not quite enough. It is too bad a Conservative is doing this, and as a result any solution will be more conservative than needed. However only a second termer will patch-up SS, and if it does not happen with this president, nobody will do it untill the next second termer. Since it is not fair to cut benefits for anyone over 55, by the time we get another chance to patch SS, then the demographic horse will be out of the fiscal barn. The US social pension situation will look like France's. As much as I personaly love France, their retirement situation is a big drag on the economy and it is largely too late for them to fix it.
I don't want my children's economy to pay high payroll taxes so that the post-boomers can avoid saving for their future. The key point is that WE HAVE NO CHOICE BUT TO LET BUSH PASS SOMETHING BECAUSE WE HAVE TO FIX IT NOW! I truly wish Clinton had done it when he had the chance, but he was busy being impeached.