The Congressional Budget Office predicts a $250 billion deficit. Does that sound new? It shouldn't; this administration has lived by that plan for its entire seven years. It has also pushed the housing and mortgage industries to risk it all on subprime loans to make the American Dream a reality for as many as possible. The problem: The financing mechanism known as the adjustable rate mortgage is a ticking time bomb. Well, it has all come home to roost. Now, the president says we must step in to prevent a recession, even though he said in August that the mortgage crisis was heading for a soft landing. Anyone who believes in the economic theory of G.W. Bush is playing a deadly game with their future.
We have borrowed our way into foreign ownership of almost anything in America that foreigners want. Our economy is one slippery step from the dumper. And this president wants to keep giving tax breaks to corporations and the rich, spending money on a senseless war, and allowing the infrastructure of the nation to go into ruin.
Somebody step up and tell the administration to change its ways before it is really too late.