Perils of an Empty Piggy Bank
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Perils of an Empty Piggy Bank
| Fri, 09-24-2004 - 5:42pm |
By David Ignatius Friday, September 24, 2004; Page A25
Wall Street is already voting in the 2004 election, and it's giving President Bush surprisingly low marks. Despite strong corporate profits, the Dow Jones industrial average has been stuck just above 10,000 -- trading in the same sluggish range it has maintained all year.
Reports this week by two respected economists suggest an explanation. They argue that fiscal and monetary policies during the Bush administration have effectively raided the nation's piggy bank to finance current spending. Without changes in policy, they suggest, we may be looking at an economy that continues to tread water -- or begins to sink.
http://www.washingtonpost.com/wp-dyn/articles/A45793-2004Sep23.html
