blogomatic

What Goes Up...

Third quarter earnings are up - good news for Bush and Co. right? Oh, wait...

In reality, the Bush administration has borrowed to wage war on Iraq and on taxes in equal measure. On current evidence, the latter war is enjoying more success than the former. But the triumphant phase of Mr Bush’s tax-cutting campaign may be nearing an end. The high summer spending is already showing signs of slowing down in autumn, and the next tax rebates do not come into effect until the spring of 2004. In the meantime, Mr Bush will have to hunker down for long months of skirmishing over his administration’s red-inked fiscal record.