Thursday, September 20, 2007

An Historic Day For The US Economy?

A friend of mine from Canada sent me this comment in an email. Thought I'd share it with folks in the blogosphere. Let me know what you think:
Today the Canadian dollar is trading on par with the US dollar, something not seen since 1976. That's bad for me as I used to buy Canadian dollars for much cheaper. A little more than 5 years ago the cost was as little as 62 cents. Now I would be better off working in Canada to better afford living expenses and mortgage. I think this is just the first strong economic signal revealing how badly Bush has lead the country. Now I'm curious to see how the US will manage to finance its debt as foreign investors continue to dump the US dollar.
Interesting when you open your window to perspectives not driven by the US spin doctors. And of course, The W is on rapid fire with the Presidential Propaganda Catapult fully loaded:
Q Mr. President, economists say that the nation is at increasing risk of recession. What do you say?

THE PRESIDENT: I say that the fundamentals of our nation's economy are strong.
Proving once again that simply because the President says something doesn't make it true. Try convincing some one who just had their house foreclosed on them if they think the economy is strong.

1 comment:

Anonymous said...

It's the lipstick that makes the ho

Bush, on the link: ''Former Chairman Greenspan and I spent a lot of time talking about the unfunded liabilities inherent in Social Security and Medicare. And he's concerned about those unfunded liabilities, as am I. And that's why I went in front of the Congress, in more than one occasion, talking about how to reform Social Security so that young people who are working aren't paying payroll taxes into a system that's going broke.''

Social Security isn't going broke except under the most pessimistic projected scenario. It's Medicare and Bush's contribution, Medicare Part D, the drug benefit (especially!) that have huge projected deficits.

Social Security doesn't need reform. To say that it does is to avoid the Bush elephant in the room, Medicare D.