Bush's War and Economic Crimes

Wall Street is expressing concerns about a possible recession or even a depression. All these prognosticators of gloom and doom have not fully understood the effectiveness of the Bush Administrations brilliant economic policies which are based on Friedman’s economic magic. His magic is so phenomenal that he can transfer wealth from the poor to the rich faster than you can say “Non-Accelerating Inflation Rate of Unemployment”.

By involving the United States in two wars at the same time spending over two trillion dollars, Bush has applied the tried and true formula of using war to stimulate the economy. If World War II rescued the country from the depression of the thirties, think about the effect of two wars, one in Afghanistan and one in Iraq. Naturally Bush’s extensive knowledge of history was a major factor in introducing this idea to his economic advisors.

On the one hand, economists postulate different theories about stimulating growth, but on the other hand, tax cuts seems to be the solution of choice given certain conditions. Having researched the various options, Bush chose to implement huge tax cuts that mainly benefited the wealthy. The genius in this solution is that even though only the top one percent of the population benefits, they are the big spenders whose extravagant consumption will spur growth ensuring that consumption remains at satisfactory levels. As long as the all-powerful GDP continues to grow all is well despite the fact that the value represented by the GDP is not worth the paper from the Bureau of Economic Analysis on which the latest figures are released.

Since Friedman, Hayek and the Chicago School of Economics has become the latest fad in sound economic management, it has become an axiom that the private sector is the key to long-term stability. To strengthen the private sector at the expense of the inefficient, wasteful government agencies and departments which normally deliver programs and services, President Bush has infused large corporations with billions of dollars, based on no-bid contracts, the reconstruction of Iraq, arming the military, and paying all those law-biding military contractors. Although reconstruction projects are either permanently unfinished or non-existent, the end result is that companies such as Halliburton and Bechtel have benefited in a major way. Bush has achieved the goal of free-market economics by not interfering with an inefficient bidding process or burdensome regulations that inhibit the market from enriching large corporations with tax-payers dollars.

Bush demonstrated his insight into complex economic principles by creating a huge budget and trade deficit and the largest current accounts deficit in the world. These policies have encouraged countries such as China and Japan to invest heavily in the U.S. every day, all of which allowed the U.S. government to continue to prosecute its very profitable war in Iraq, i.e. profitable for large corporations.

All of these policies have lived up to the economic philosophy of the Chicago School of Economics which has built a reputation over many years of successfully ramming free-markets and privatization down the throats of countries that were fortunate enough to be targeted by the United States. Just ask Jeffrey Sachs. Despite the fact that these countries suffered economically, the market system channeled money to multinational corporations demonstrating the wisdom of the Chicago School of Economics philosophy. Capitalism in its finest hour. Just ask Bill Gates.

Bush clearly deserved more than the “C” when he was a student of Yale. I will bet that his history professors are scratching their heads now. How could such an intellectually shallow, academically mediocre student have created so much wealth for so few at the expense of so many?

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