If you think it’s difficult to read about the way America is wasting lives in Iraq, it’s just the beginning. In an article entitled “The Economic Consequences of Mr. Bush [1],” Vanity Fair has examined the ways in which the Bush Administration has wrecked the American economy. There is lots of bad news to share, including this:
Think of the interest we are paying, year after year, on the almost $4 trillion of increased debt burden—even at 5 percent, that’s an annual payment of $200 billion, two Iraq wars a year forever. Think of the taxes that future governments will have to levy to repay even a fraction of the debt we have accumulated. And think of the widening divide between rich and poor in America, a phenomenon that goes beyond economics and speaks to the very future of the American Dream.
Joseph Stiglitz, the author of this article, is the former chief economist of the World Bank and a Nobel laureate. On the heels of this scathing report, consider this additional article [2] reporting near-panic in light of recent Congressional testimony by Chairman of the Federal Reserve, Ben Bernanke.
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