War and Economy Don't Wear Well
War and Economy Don't Wear Well
James K. Galbraith thinks the great cost to Bush of his Iraq invasion may come in the economic recovery that doesn't. None-the-less he is guarded in his assessment of regime change in D.C.
Posted by Donald Douglas at November 4, 2003 09:20 PM
On both jobs and Iraq, the good news President George W. Bush tells us is contradicted by the bad news that we feel in our bones.. . .
It is too early to call it quits. But we should set some clear targets. By next summer, either there will be security or not. The electricity and water will be fixed, or not. Oil will be flowing, or it won't be. And Iraqis will be down the road toward their own government - with the right to determine how their own economy works - or they won't be. If there is sharp improvement, the soldiers will be on their way home anyway, and Bush will then be able to say, "Mission accomplished after all."
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. . .growth will slow in the coming quarters, before picking up for one more false dawn before the 2004 election. That should come next spring, when tax refunds and the echo effect of the Iraq war - due to restocking of military equipment - have their impact. There may be some job creation, but Bush and company will still end up with the worst record on jobs since Hoover.
