The Seven Deadly Deficits

by Mother Jones

by Joseph E. Stiglitz

When president George W. Bush assumed office, most of those disgruntled about the stolen election contented themselves with this thought: Given our system of checks and balances, given the gridlock in Washington, how much damage could be done? Now we know: far more than the worst pessimists could have imagined. From the war in Iraq to the collapse of the credit markets, the financial losses are difficult to fathom. And behind those losses lie even greater missed opportunities.

Put it all together-the money squandered on the war, the money wasted on a housing pyramid scheme that impoverished the nation and enriched a few, and the money lost because of the recession-and the gap between what we could have produced and what we did produce will easily exceed $1.5 trillion. Think what that kind of money could have done to provide health care for the uninsured, to improve our education system, to build green technology...The list is endless.