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Stunt Economics
When Bush took a little tour of the office of the federal Bureau of Public Debt in Parkersburg, West Virginia, he gave a report on what he saw. The New York Times called it "a shameless photo-op," meant to persuade the American people to back his Social Security plan:

Imagine this: On his next trip to Japan, President George W. Bush visits the vault at the Bank of Japan, where that country's $712 billion in U.S. government bonds is stored. There, as the cameras roll, he announces that the bonds, backed by the full faith and credit of the United States, are, in fact, worthless IOUs. He does the same thing when he visits China and so on around the world, until he has personally repudiated the entire $2 trillion of U.S. debt held by foreigners.

Bush rehearsed just that act on Tuesday, when he visited the office of the federal Bureau of Public Debt in Parkersburg, West Virginia. He posed next to a file cabinet that holds the $1.7 trillion in Treasury securities that make up the Social Security trust fund. He tossed off a comment to the effect that the bonds were not "real assets." Later, in a speech at a nearby university, he said: "There is no trust fund. Just IOUs that I saw firsthand."

...Fortunately, the governments, institutions and individuals who hold U.S. debt can tell a publicity stunt from a policy statement. Still, casting aspersions on a basic obligation of the U.S. government is insulting and irresponsible.

Perhaps governments, insitutions, and individuals holding U.S. debt can tell, but Bush's base, best represented by the lying, rabble-rousing Sean Hannity's audience, has to be pretty well fooled.

Posted by aalkon at April 8, 2005 4:34 AM

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