blogenlust
9.03.2004

Cole on Bush's Speech


Juan Cole offers a critique of the Bush as CEO meme:
Let us imagine you had a corporation with annual gross revenues of about $2 trillion. And let's say that in 2000, it had profits of $150 billion. So you bring in a new CEO, and within four years, the profit falls to zero and then the company goes into the red to the tune of over $400 billion per year. You're on the Board of Directors and the CEO's term is up for renewal. Do you vote to keep him in? That's what Bush did to the US government. He took it from surpluses to deep in the red. We are all paying interest on the unprecedented $400 billion per year in deficits (a deficit is just a loan), and our grandchildren will be paying the interest in all likelihood. And what if you had been working for America, Inc. all your life, and were vested in its pension plan (i.e. social security)? And you heard that the company is now hemorrhaging money and that the losses are going to be paid for out of your pension? What if you thought you were going to get $1000 a month to retire on, and it is only going to be $500? Or maybe nothing at all? Because of the new CEO whose management turned a profit-making enterprise into an economic loser? Would you vote to keep him on?
Read the whole thing.