I believe the inhaled part.
----- Original Message ----- From: "Devine, James" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Tuesday, April 13, 2004 7:43 PM Subject: free press! [The following story comes from the Santa Monica College student newspaper, the CORSAIR ONLINE. Almost none of it is a true representation of what I said!] Record Budget Deficit is Analyzed in SMC Lecture By Leopold Geans Corsair News Writer A Loyola Marymount economics professor talked about the alleged financial mistakes of America 's leaders that have resulted in cuts in education and a $7-trillion debt. Students crammed into a Santa Monica College classroom on March 16 to hear Dr. James Devine analyze the decisions that have created the biggest budget deficit in U.S. history. "There have been a series of events that have led us to his point," Devine said. "The tax cut along with a $79-billion war doesn't help." The $7 trillion is a public debt that amounts to roughly $24,000 per American. There is also a new federal debt of $500 billion which Americans have to pay off one day. "We have a new morning in American myth with these tax cuts," he said. "Future generations will pick up this tab." Under President Bill Clinton, America had its first surplus in decades, but two years into the Bush presidency, it had turned into debt. President George Bush gave $1.2 trillion of the Clinton era surplus away in tax cuts. He is now requesting an additional $87 billion to reconstruct Iraq . Students questioned Devine about Bush's decisions and their impact on America 's future. The president's new stimulus plan includes an SUV tax break. The tax break which is currently at $25,000 will rise to $75,000. "I think his idea was that if I give tax breaks to the rich, i.e., corporate entities, they will then disperse the money accordingly," Devine said of Bush. "Kind of like a trickle down that hasn't trickled down." Business owners are being encouraged to buy SUVs with the tax break monies. With the extra money, SUV owners can pay the current gas price of $2.47 a gallon. "2001 was the time our country's debt peaked," Devine said. "Right around the time the first tax break was initiated, how ironic." According to the U.S. National Debt Clock, President Reagan, Bush and Bush II are the only presidents since WWII to contribute to the gross federal debt. The Republican trio has spent and borrowed more than any other group. Devine gave a detailed account of the economic strategy of this administration to "pump up demand" - the ideology of making products and steering Americans towards them, along with tax breaks for buying the product to include SUVs. "His purpose was to give tax breaks to his friends. It's blatant," he said. "Extremely unfair." Devine also discussed class and social structure in America - the spending behaviors of the middle and upper class. Devine suggested that a middle class family is more likely to spend a tax refund in America . "Already rich folks would probably spend any excess money out of the country, on a trip or some exotic place," he said. The tax break was followed by a national tragedy that accounted for more spending. These incidents followed by borrowing for a war that has cost $79 billion. "These current fiscal decisions are going to have a long term impact on us," he said. "President Bush is also asking for $87 billion more." Devine alligns the job market with corporate debt and how irresponsible it is for America to keep losing jobs overseas. The administration now has its eyes on social security. "What we are seeing is free enterprise for the poor and socialism for the rich," he said. "Then again what do I know, I inhaled in the '70s." [for the outline of what I really said, see http://bellarmine.lmu.edu/~jdevine/talks/SMC03-16-04.htm] ------------------------ Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine
