Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
To repeat myself:
The driving force in the US economy is not the consumer, it is militarism. This amounts to about a half trillion per year. Those who want to minimize this quote the amount as a percentage of the GDP, however this is irrelevant.

If you compare the size of the trade deficit, the domestic deficit and the military budget you will see a rough equivalence. In other words we are borrowing from the rest of the world in order to fund our military adventurism. This has two side effects, the most obvious is that it has sucked money out of the rest of the public sector. Falling bridges and over topped levees are only the most visible effects, but the lack of support for education and other social programs is taking its toll as well.

Second the money spent on militarism has warped national priorities. Bright people are being diverted into the death and destruction industries and away from important areas such as basic R&D in energy, materials and health.

As for the revisisonist articles that are appearing this is easy to understand. Those who have been lackeys of the administration are now seeing that they may be at risk of losing their jobs when a new group takes over. So they are reinventing themselves in the hope that they will find work under a new regime. We have seen this first with the Iraqi invasion cheerleaders (Wolfowitz, Feith, etc.) and now the economic pundits are attempting to do the same thing.

Policies not Politics
---- Daily Landscape

by rdf (robert.feinman@gmail.com) on Wed Aug 22nd, 2007 at 09:29:55 AM EST

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