Wednesday, January 26, 2005

Politics Anyone?

I’m going to keep this brief:
Paper Tiger Dems lash out at Condi.

Massachusetts Democratic Sen. Edward Kennedy called Rice "a key member of the national security team that developed and justified the rationale for war, and it's been a catastrophic failure, a continuing quagmire."

Sen. Mark Dayton of Minnesota said Rice "misled the people of Minnesota and Americans everywhere about the situation in Iraq, before and after that war began." He added: "I really don't like being lied to repeatedly, flagrantly, intentionally."…

Sen. John Cornyn of Texas accused Democrats of "inappropriate partisan attacks against a nominee who deserves our respect," and Chuck Hagel of Nebraska proclaimed it "a nomination all of America can be proud of."

While most lawmakers who opposed Rice were long-standing critics of the war, Indiana Democrat Evan Bayh, who backed the invasion, also said he would vote against her.

"We have been the authors of much of our own misery and as a result of that I cannot find it in my heart or in my mind to vote for a promotion of Dr. Rice," Bayh said.
$80 billion more to pay for a military disaster.
White House Projects 2005 Deficit at $427 Billion
Jan 25, 11:52 PM (ET)
WASHINGTON (Reuters) - The White House estimated on Tuesday that the U.S. budget deficit for 2005, including an extra $80 billion for Iraq and Afghanistan operations, will total $427 billion.
How much?
Say again?
Oh...right.

So really, notwithstanding the transparent dishonesty and manipulation, we are looking at a record $430 billion annual budget deficit – almost 5% of GDP.

Every year the U.S. borrows $500 billion. Where does it get it? Increasingly China. To service this debt, American taxpayers pay interest. Even at roughly prime, this means $25 billion per year in debt service alone, borne by the taxpayers – us. Think of it this way: instead of cash, the US could give one giant American technology company to its debtors, increasingly China and Japan, every year or two.

Like HP or Google, both worth about $50 billion based on current market capitalization.

I heard IBM just did a big deal with a Chinese company.

So in essence, America is borrowing money from China to feed its wars, tax cuts and consumption (of many, many Chinese goods), which the American taxpayer repays with interest, the profit from which the Chinese use to finance the purchase of major American business properties.

Hmmm…trade imbalance? Sweet. ;P
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