Atlantic Herald

Published on March 21, 2008

Some say that the American people have not sacrificed in the Iraq war. This can not  be further from the  truth. Large  cuts were  made innecessary domestic  spending and  more cuts  have been  proposed.  Thelatest budget from President Bush contains a large cut in Medicare.

Nobel Laureate  economist Joseph Stiglitz made a compelling argument that there is a direct relationship between Iraq deficit spending andthe slowing economy. Money borrowed for Iraq devaluated the dollar and resulted in a glut of cheap capital. The cash rich banks got sloppy and loaned money to anyone to buy a home.  A housing bubble emerged and now has burst.

Deficit spending does matter.

A bankrupt nation's currency becomes worthless, inflation increases and consumer spending drops.  The  Iraq occupation has gone on for 5 years  now; it's time to end it and  tend to our own problems.

Regards,

Robert Scardapane
Somerset, NJ