The next administration and Congress are screwed!

It is increasingly clear that there will be one over-riding theme for the next administration: to deal with the inherited mess and, therefore, with very little latitude for constructive policy-making for the future. In addition to bringing an end to the entanglements in Iraq and Afghanistan:

• The federal debt is now more than a trillion dollars--a doubling in the mere eight years of this administration.
• The bailout, er, rescue plan is not only a huge $$$ commitment, but has also made most members of the Congress absolutely worried about government intervention--the word "socialism" is being tossed around by ultra-right and ultra-left alike.
• These are not good news for the value of the dollar, which, in turn, might affect future capital flow into the US
• If that capital flow slows down, then we will have to raise interest rates to attract capital
• But, higher interest rates will not help economic growth and job creation
• Meanwhile, the entire transportation industry is very close to bankruptcy--planes, trains, and automobiles!
• In such a context, there is no hope for any massive rethinking on healthcare, education, or any of the big issues that should really matter.

Simply awful is the prospect for the next eight years. It is amazing that despite these conditions, there are candidates who really want that job in the White House :-)