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Is the White House up for the CHALLANGE?

By Aldanatech ·
This week, the White House went all out to showcase the advantages of U.S. President George W. Bush's ambitious financial agenda, but in the end the "challenges" proved too much. It turns out that the word "challenges" was misspelled on a large television monitor that stood in front of Bush during a panel discussion.

The message "Financial Challanges for Today and Tomorrow," was presented in dark blue capital letters against a bright yellow background. The conference spotlighted Bush's second term agenda to reform Social Security and the tax code while making tax cuts permanent and cutting the deficit in half. So do you think Bush is up for the "challange"?


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Actually, on this doesn't look good

by TomSal In reply to Is the White House up for ...

Is the white house up for the challenge to get this country's economy back in shape -- I *hope* so, but does the logically side of me think so....nope.

I read in the local paper today about what Bush plans , "one of the tightest budgets since the Reagan era" ... It doesn't look promising at all.

On top of that a proposal for ANOTHER 85-100 *BILLION* dollars will go before Congress in early '05 for the war in Iraq.

And I wonder how his social security "investment program" is REALLY going to pan out.

Only time will tell of course. But sad to say I wouldn't be too optimistic, not yet.

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Do you think...

by Aldanatech In reply to Actually, on this one...i ...

I agree with you TomSal. And you know, I find it even more difficult now that the Administration has demonstrated its high spelling skills. Do you think the President or anyone in his administration will clearly explain how they plan to pull this off?

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Pull it off like they always do

by BFilmFan In reply to Do you think...

Steal more money from future generations by raising the debt ceiling.

The honest answer is America is broke. We've been broke for a long time. And the world is finally waking up to it and calling us on it.

I honestly do expect a massive financial disaster to bloom within my childrens' lifetime that makes the Great Depression look like an economic slowdown.

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This is what Bush is up against

by Aldanatech In reply to Is the White House up for ...

From what I understand, Bush is seeking to reassure financial markets that his $2 trillion Social Security reform proposal will not worsen the U.S. budget deficit or further weaken the dollar. Economists however, say that Bush has his work cut out for him. Since February 2002, the value of the U.S. dollar has dropped against the yen by around 22% and against the Euro by around 55%.

Furthermore, the U.S. is the world's biggest debtor; it is borrowing two billion dollars every 24 hours to pay for our trade imbalance with the rest of the world. The country's trade and budget deficits are at an all-time high of almost 6.5% of the GDP. To make matters worse, this year's oil prices reached a record price of $55 a barrel and some economists are predicting that over the next year they may go as high as $70 a barrel - due to insatiable demand in China and India.

These elements add up to a huge debt and a huge problem for our federal government. Bush tried to inject some levity into the subject during a press conference with Italian Prime Minister Silvio Berlusconi, but some thought Bush sounded blas?. Bush said "there's a trade deficit. That's easy to resolve. People can buy more United States products if they're worried about the trade deficit."

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