Devaluing of the dollar occured by borrowing copious amounts of money, with no intention of paying it back. Sort of like California's IOUs. I don't like taxes anymore than anyone else, but when you launch a $80 billion/month war, and continue to spend like a drunk sailor in port, AND cut taxes (first war-time tax cut in history) you're basically telling your creditors, "good luck...we ain't payin!"
I *think* we can agree on that?
roger posted "The first President I voted for was Richard Nixon who I thought was a great President even though he screwed up and got himself impeached."
Only 2 presidents have been impeached by congress, Andrew Johnson and William Clinton. Neither were convicted by the senate. Nixon resigned under pressure, the first president to do so. I hope our current president follows suit, maybe to run for some other office like savior of Kenya.
It was easy for Clinton to make progress on a budget, he didn't do anything to keep this country safe and mostly focused on how to keep his @$$ out of hot water while continuing to get blow j... err indiscretions in the oval office. Of course Bush had to actually spend some money to fend off the worst direct attacks this country has ever had.
Had Bush stuck with fighting the people who actually attacked us, the cost would have been less. Had he said that the cost of invading Iraq was to actually pay for the war, he never would have been permitted to attack. In fact, the administration decided that the deficit didn't matter because the bill wouldn't need to be paid until after Bush left the White House.
So he spent a trillion dollars on a war outside of the budget. He budgeted for another half trillion dollar per year deficit. And he played games with the tax cuts by writing the laws to have the cuts expire in 2010 (that is, he planned for taxes to increase back to their original levels) to conceal the actual cost of those cuts, which would be several hundred billion dollars per year that was never included in any of the budget forecasts prepared by the Bush administration. Bush bankrupted our country for short term political gain. At the time of his last budget, Bush estimate deficits of over $500 billion per year. If you added the war cost and the cost of continuing the tax cuts into that equation, the deficit would have been $1 trillion per year even before considering the cost of the $750 billion stimulus program implemented by Bush in 2008. The reality is that there is no way to reduce the deficit without allowing many, if not most, of the Bush tax cuts to expire as the Bush budget assumed.
the economic crisis is almost over, at least obama stimulous is working. This is how the white house measures success these days...
a real crack economic team
What did Wolfowitz predict the war in Iraq would cost?? 2 billion total? Heck of a job, Wolfie! All of us, our kids, and grandkids will be paying that one off! Where was the outrage then?
Don't start praising Clinton's success record in conflict. He ignored most threats and attacks. For example the USS Cole and the Embassy bombing. He was also in charge when operations in Somalia began (aka Blackhawk Down) and we are still there too. Nation building takes time, unfortunately we live in a 'I want it now' society. I hope I am wrong about Afghanistan. That land has been fought over for centuries. The Russians couldn't control the territory. How can you measure success if you can't hold the land? There are numerous stories of success in Iraq and many untold stories. Everyone still wants to use Cold War deterrence methods to measure success. That is not the world we live in today. The only deterrent we now have is our word that when we say we will act we actually carry through on our statement. It is very convenient to use hindsight when your decision is no longer popular, however when we stop carrying through on our promises then we will no longer be the standard bearer for freedom in the world. That will be a sad day even if it is "popular."