"Decline of American Greatness" --- great article in Wash Monthly

[Nordic]

http://www.washingtonmonthly.com/features/2004/0409.kamarck.html

By Elaine Kamarck

At the root of all power is wealth. With sufficient wealth a country can afford a strong military while still making the domestic investments (in roads, schools, medical care, scientific research, etc.) that keep citizens productive and the economic pie expanding. High taxes choke off growth, but so do high deficits. Living off your credit cards is as bad for your country as it is for your family. In the long run, there is simply no way around it--bad fiscal policy is bad economic policy, and a threat to a nation's power.

Most American presidents have understood this. Ronald Reagan raised taxes to quell the mounting deficits caused by his previous tax cuts and defense increases. Further budget discipline by Reagan's successors, George H.W. Bush and Bill Clinton, left America at the end of the 20th century with a booming economy, unrivaled military and diplomatic power, and revenue surpluses.

Then along came George W. Bush.

(snip)

My gut told me, back when Bushco was gearing up to invade Iraq, that the invasion of Iraq would be the beginning of the end for the United States. My gut is never wrong.

Here's hoping Kerry can turn this around.