Who says Bush is out of touch?

The Federal government just dipped its hand into the pension fund to meet its current payroll.

As Nick at PBD points out, Bush runs the Federal treasury just the way a struggling family runs its finances: borrowing on one credit card to make the minimum payment on another.

Note that it wouldn’t be necessary to dip into the pension fund to cover the current payroll except for the unwillingness of the Republicans in Congress to vote for yet a third increase in the debt ceiling since Bush’s election.

And note further than Treasury must have been well aware of the need for this earlier, and delayed the announcement so Kerry couldn’t bring it up in the debate.

Author: Mark Kleiman

Professor of Public Policy at the NYU Marron Institute for Urban Management and editor of the Journal of Drug Policy Analysis. Teaches about the methods of policy analysis about drug abuse control and crime control policy, working out the implications of two principles: that swift and certain sanctions don't have to be severe to be effective, and that well-designed threats usually don't have to be carried out. Books: Drugs and Drug Policy: What Everyone Needs to Know (with Jonathan Caulkins and Angela Hawken) When Brute Force Fails: How to Have Less Crime and Less Punishment (Princeton, 2009; named one of the "books of the year" by The Economist Against Excess: Drug Policy for Results (Basic, 1993) Marijuana: Costs of Abuse, Costs of Control (Greenwood, 1989) UCLA Homepage Curriculum Vitae Contact: Markarkleiman-at-gmail.com