PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: TigerPaw who wrote (254886)	5/18/2002 12:48:49 PM
From: DOUG H	Read Replies (1) of 769670

Reality takes a backseat to Bush bashing. businessweek.com WASTED MONEY. And even most development experts would agree with Bush's assertion that "money that is not accompanied by legal and economic reform is oftentimes wasted.... In these situations, more aid money can actually be counterproductive, because it subsidizes bad policies, delays reforms, and crowds out private investment." (The full text of Bush's speech is available on the White House Web site.) The Administration's position, expressed repeatedly in recent speeches by Treasury Secretary Paul O'Neill, is that foreign aid over the past five decades has been largely wasted on badly run governments and economies. Rather than throw billions more at the problem, the aid now spent should be managed more carefully to assure that the funds really reduce poverty and increase education and health standards. Once aid programs have proved to yield results, he says, then resources can be increased. Also, Administration officials say, the most important thing is to get developing nations to enact the right domestic policies in order to boost private investment -- the real driver of economic growth.

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