Alan, Just Go Away

Hail Alan, Full of Grace

Alan Greenspan’s recent comments to 60 Minutes correspondent Lesley Stahl got us thinking.
Greenspan said that over the long run, the biggest problem facing the U.S. economy is "the re-emergence of inflation" and rising interest rates.
Hmm…
Oil and food prices continue to surge… M3, the fullest measure of U.S. money supply, keeps stretching its legs at a 12% annual clip. Entitlement programs goad us deeper and deeper into the red. Politicians promise more.
Meanwhile, the Iraq war tab keeps churning along at a rather brisk $10 billion per month pace — or, if you prefer, $231,481 per minute. Throw in the Afghanistan situation on the running meter, and we add another $34,722 every 60 seconds of war.
The average American worker brings home $39,795 per year — or $19.13 per hour. So excluding overtime, John Q. Public must now clock six years to pay for 60 seconds. So dismiss the fact that his interest-only house payment is set to expire. Forget the fact his credit card bills bear a $15,000 balance. It's only interest. Washington plays this way… why can't he?
It gets better.

Osama still lurks. President Bush presses for missile defense systems in Eastern Europe. Russia, for fear of being outmatched, lays claim to the North Pole and all its Christmas goodies, which just happen to include 10 billion tons of gas and oil deposits…not to mention the significant sources of diamonds, gold, tin, manganese, nickel, lead and platinum peacefully resting on top of the world. To punctuate its resolve, Gazprom threatens to flip the switch in Europe once again.
China, for its part, passively eases its desire to absorb American IOUs. Japan dips its toes in the waters of remilitarization. Venezuela throws its proverbial hat in the ring by ousting foreign oil, while Iran consistently defies the international community by mischievously playing with yellowcake.
Saudi Arabia, Egypt and Israel broker a multibillion-dollar American arms deal. The trade hopes to “counter” the negative influences stemming from Syria and Iran. And if geopolitical showdowns weren't enough, the world still fears a multitrillion-dollar international credit crunch. American Home Mortgage joined the fray of more than 50 lenders in bankruptcy this year alone.
Meanwhile, American infrastructure keeps crumbling. The American Society of Civil Engineers submits Ds down the U.S. infrastructure report card. Poor road conditions now cost the American taxpayer $67 billion a year, $5.6 billion a month, $186 million a day, $7.8 million an hour or $130,000 every minute.
And that’s just to patch roads and bridges. The EPA estimates that U.S. sewer system maintenance over the next 20 years will run somewhere in the ballpark of $390 billion. That’s another annual $20 billion annually, or $1.7 billion per month.
Meaning potholes and solid waste are costing roughly as much as a full-fledged war. How will John Q. Public pay for all that, we ask?
We’re not sure. But it seems to us that here and abroad, we find ourselves up to our necks in you-know-what.
But despite all that… Greenspan says that over the long run, the biggest problem facing the U.S. economy is "the re-emergence of inflation."
Hmm…
It’s been said that wise men recognize that grace is knowing when to leave.
Hail Alan, full of grace.