Friday, June 06, 2008

Signs That the Party's Over

I remember Chris Gatling of the Cleveland Cavs commenting in 2000 that he liked George Bush because Bush "knew how to party" or something like that.

Well, it looks like the party's over with the economy.

It wasn't exactly Black Friday but the economy got a triple whammy of bad news. The unemployment rate was up half a point for May with the trend looking to continue. It also looks like the era of three dollar gas is over with gas going up almost ten dollars a barrel.

And finally, stocks were down 400 points.

True, that can be interpreted as froth. But things don't look good underneath the froth either. Consumer confidence is scraping bottom. The mortgage crisis is still there and living standards look to sink even further below the levels current when George Bush was elected president.

The Bush presidency is like Bush's life. It's a story of squandered inheritance. Bush inherited a strong economy, a well-ordered government, and a considerable amount of international prestige.

And he wasted it.

1 comment:

Ric Caric said...

I've decided to deal with the two or three stalkers on this blog by moderating comments.

As a result, stalker comments will no longer appear on the blog at all.