Anyone been in Jeb Bush’s garage lately? I ask because U.S. Postal Service agents are scrambling to find thousands of absentee ballots that have yet to be received by Florida voters. Broward County deputy supervisor of elections Gisela Salas said only a few of 60,000 absentee ballots had actually been delivered. “It’s really inexplicable at this point in time and the matter is under investigation by law enforcement,” Salas reported. Though the postal service assured Broward officials that the ballots had been processed by the post office to which they had been taken, U.S. Postal Service Inspector Del Alvarez put on a different spin: “We’re looking for it, we’re trying to find it if in fact it was ever delivered to the postal service. It’s highly unlikely that 58,000 pieces of mail just disappeared.”
He’s got a point there. It’s nearly unimaginable as losing, say, 380 tons of high-impact explosives from an Iraqi munitions depot. Yet according to a U.N. watchdog agency, that is precisely what has occurred. “America is now investigating a number of possible scenarios, including that the explosives may have been moved before our troops even arrived at the site,” offered President Bush. “It is impossible that these materials could have been taken from this site before the regime’s fall,” countered a top Iraqi scientist who recalled that Saddam insisted “not even a shred of paper” be removed. The Pentagon, for its part, has said it does not know when the explosives went missing.
“I want to remind the American people: if Senator Kerry had his way, we would still be taking our global test, Saddam Hussein would still be in power, he would control all those weapons and explosives, and could share them with out terrorist enemies,” charged the President form the campaign trail. Well thank God we’ve eliminated the middleman – now our troops can get blown up much more efficiently.
What the White House has no trouble locating is an egregious tax break for the richly undeserving. $136 billion of which was ladled out last week despite the government’s fulminating debt crisis. John McCain (R. Ariz.) described the bill as “the worst example of the influence of special interests I have ever seen.” The administration tried to justify the giveaway by proffering that tax cuts will prod small business owners into hiring new employees. Well, they’d better hurry up because long-distance carriers AT&T, Sprint and MCI are collectively dumping 8,600 workers while Bank of America (4,500) and American Airlines (1,100) are slashing payrolls as well. Despite the $10 billion handed out to tobacco farmers the bill is probably, in the final analysis, detrimental to the employment picture. A major provision attempts to repatriate overseas earnings by lowering the corporate tax rate from 35% to 5 1/4%. In effect, Washington is enticing American companies to set up offshore subsidiaries and outsource jobs as a means of lowering their taxes.
By now most of us have heard stories of Mexican workers “worth their salt” who came to the U.S. – illegally, in the main – to secure a good job only to find, years later, that their factory is moving back to Mexico in search of lower wages. While the irony is delicious, this trend is beginning to infect the high-tech sector of our economy. Indian computer programmers and Silicon Valley engineers, like Laxmikant Mandal, are following their paychecks back to Bangalore. But even for those lucky enough to have kept their jobs, the future looks dim. With a national savings rate around 1%, it is particularly disquieting to accept that pension benefits are no longer a sure thing. General Motors and Ford are both under SEC investigation for accounting methods related to retirement and health benefits. The city of San Diego, after years of underfunding its public employee pension program, is technically insolvent. The airlines, well, enough said there. And Social Security is clearly doomed regardless of feckless attempts (i.e. raising the retirement age) at tinkering under the hood. Meanwhile, the largest store of wealth in this country, the housing stock, is beginning to experience falling prices for the first time in a decade.
The financial train wreck headed our way is becoming increasingly difficult to ignore. With a tank of gas fetching $50, the public hardly needs the Conference Board to tell us that consumer confidence is in the crapper. Maybe this is why the Christmas sales have already begun. Everyone seems to be worried about that metaphoric “rainy day”. Everyone perhaps except the President who is spending money faster than a coke head on an unauthorized leave of duty.