Republicans have instituted the biggest tax increase you will ever see in your lifetime!

[w¡n9Nµ7 §£@¥€r 123]

If the Bush administration had passed a tax increase that took half of the money out of your pocket (in terms of what you can buy on the world market), he would have been impeached long ago. But because it's hidden in the way Bush killed the dollar and jacked up inflation, he gets off without any blame for raising taxes.

John McCain proposes to continue the Bush Tax increase with his continued support for tax cuts for the rich and huge spending on Iraq. This means that we will continue borrowing $1 billion a day from China and other foreign bankers, making the dollar even less valuable.

So when you hear the Republicans talk about taxes, remember that they put in place the biggest tax increase you will ever see in your lifetime. It just didn't come from the IRS.

This phenomenon is beginning to play out in other aspects of American life. Abu Dhabi just purchased the Chrysler building in New York City. A Belgian company just bought Budweiser. And there were reports that European basketball teams are trying to recruit away top players from the NBA.

In fact, wealthy people from the Middle East, Europe and Japan are buying American assets at an alarming rate, all because of the gutted dollar. So add to the Bush Tax increase the fact that he is overseeing the biggest fire sale of American assets in our country's history.

What this means in the coming months and years is a steady deterioration of the American standard of living. You will be more likely to be working for a foreign corporation. Buying anything that's imported, from gas to sneakers, will cost a lot more. Sometimes it will happen dramatically as with gas prices. Mostly it will happen slowly, gradually increasing the cost of products we take for granted today until we consider them luxuries tomorrow.

There will be a lot of political rhetoric about who's to blame for all of this. But when the historians and economists add up the toll, there is no question that the fault will be attributed to Bush's economic mismanagement.

Mark Friedman is the director of the Fiscal Policy Studies Institute in Santa Fe and the author of Trying Hard Is Not Good Enough.

http://www.santafenewmexican.com/Opinion/M...-S--up-for-sale

[mawilson 2,133]

The dollar is pretty strong right now - perversely strong, considering how bad things are.

Mark Friedman doesn't keep up with the times, does he?

[Dakine 26]

I'm not defending either side.

Money doesn't grow on trees unless you grow pot!

Money has to come from somewhere to get us out of the hole we are in.

Doubt if USCIS fees will pay many bills!!!

[Mr. Big Dog 10,747]

The dollar is pretty strong right now - perversely strong, considering how bad things are.

Strong? The Dollar had days where it was worth 1.20 EUR or better. Not that long ago. About a couple of Bush terms. Today, you gotta shell out $1.35 or so for a EUR. Today, you get about CAD 1.15 for your Dollar. That used to be more in the CAD 1.50 - 1.60 range. I don't see that as a strong Dollar.

[mawilson 2,133]

The dollar is pretty strong right now - perversely strong, considering how bad things are.

Strong? The Dollar had days where it was worth 1.20 EUR or better. Not that long ago. About a couple of Bush terms. Today, you gotta shell out $1.35 or so for a EUR. Today, you get about CAD 1.15 for your Dollar. That used to be more in the CAD 1.50 - 1.60 range. I don't see that as a strong Dollar.

The dollar was never worth 1.20 EUR. The best rate ever was 0.986, and that was back in 1999.

If you're talking about the Euro being worth 1.20 USD, we will see it again soon.

[rin and john 71]

The dollar is pretty strong right now - perversely strong, considering how bad things are.

Strong? The Dollar had days where it was worth 1.20 EUR or better. Not that long ago. About a couple of Bush terms. Today, you gotta shell out $1.35 or so for a EUR. Today, you get about CAD 1.15 for your Dollar. That used to be more in the CAD 1.50 - 1.60 range. I don't see that as a strong Dollar.

The dollar was never worth 1.20 EUR. The best rate ever was 0.986, and that was back in 1999.

If you're talking about the Euro being worth 1.20 USD, we will see it again soon.

Actually the USD was worth 1.209 EUR on October 26, 2000. What a happy time for an American visiting Europe that was.....

http://www.x-rates.com/cgi-bin/hlookup.cgi

[Mr. Big Dog 10,747]

The dollar is pretty strong right now - perversely strong, considering how bad things are.

Strong? The Dollar had days where it was worth 1.20 EUR or better. Not that long ago. About a couple of Bush terms. Today, you gotta shell out $1.35 or so for a EUR. Today, you get about CAD 1.15 for your Dollar. That used to be more in the CAD 1.50 - 1.60 range. I don't see that as a strong Dollar.

The dollar was never worth 1.20 EUR. The best rate ever was 0.986, and that was back in 1999.

Really? Try to pull the history - I did from 1/1/99 - 12/31/02

Average: 0.95852

High: 1.19130

Low: 0.82250

More specifically:

Thursday, October 26, 2000

1 US Dollar = 1.20781 Euro

1 Euro (EUR) = 0.82795 US Dollar (USD)

[mawilson 2,133]

Ok, I stand corrected. 2000 was a blackout year for me.

I don't think the dollar is going to be worth more than the euro any time soon

(if ever), but 1 EUR = 1.20 USD is something you can expect to see in the near future.

[HAL 9000 96]

I think it will be meaningless, 1.35/1.20 since both US and European economies are going South for the winter in parallel. Afterwards I suspect it will be more of the same. It all depends on how the Europeans regulate their own economies in conjunction with what they are doing with us.

[mawilson 2,133]

I think it will be meaningless, 1.35/1.20 since both US and European economies are going South for the winter in parallel. Afterwards I suspect it will be more of the same. It all depends on how the Europeans regulate their own economies in conjunction with what they are doing with us.

Many financial analysts believe the US economy will emerge from the current crisis first

thanks to the pre-emptive monetary and fiscal support undertaken by the US authorities.