At the very least, Katrina has transformed the president's economic policy, converting him into one of the biggest-spending presidents in U.S. history. Philip Verleger, an energy economist in Colorado, said that in many respects Bush has adopted the "guns and butter" policy of former President Lyndon Johnson--with one major addition, large tax cuts.
Bush also is seeking to make his tax cuts permanent and on Friday rejected a tax increase to pay for hurricane relief, saying other federal spending would have to be cut. Some budget experts said that at a time of war, soaring gasoline prices and a natural disaster, Bush is not asking the American people to make any sacrifices.
"Sacrifice?" Brian Riedl, a budget analyst at the Heritage Foundation, asked rhetorically. "At this time, there is none."
Monday, September 19, 2005
Just who is sacrificing?
Hurricane Katrina and the after-effects have set the political world topsy-turvey.
Posted by Peter A. Stinson on Monday, September 19, 2005