To: altair19 who wrote (35955 ) 9/2/2005 3:33:08 PM From: stockman_scott Respond to of 361142 Labor Dazehuffingtonpost.com HERE IS AN EXCERPT: <<...So this Labor Day weekend feels like a turning point. Towards what, I'm not sure. But I'd guess that it caps a summer in which the Bush presidency has effectively come to an end. As soon as someone takes a poll, it will show that Bush's ratings have dropped to new lows...and he's already at record lows. The president isn't going to have the popular support or political capital to do anything more of import. Of course, presidents can come back from dips in polls. And Bush may yet rebound to save face with the hurricane situation. But the president's real problems are twofold, and they won't go away: Iraq, and oil. We can't get out of Iraq any time soon, and we certainly don't appear to have any plan to win the war. And the huge jump in oil prices -- wherever they wind up -- is going to gut the economy. Driving on the highway today, I couldn't help but look at the trucks rolling along and wonder how much more people would be paying to transport goods -- costs which will be passed on to consumers. I also couldn't help but smile a little bit as I watched people pull their SUVs up to the pumps. What does it cost today to fill up the tank of a Ford Explorer? $75? Tomorrow, maybe $100. I've never liked SUVs, so part of me is happy to see them suddenly become the bane of their owners' existence. The problem is that fatcat yuppies driving BMW and Lexus SUVs can take the hit. For working people driving trucks and vans they need for their jobs, these gas prices are going to be rough. It's a downward spiral, too: the more people spend on gas, the less they'll spend on other goods. That's because Americans don't have a big cushion of disposable income; the poverty rate is almost 13 percent, our savings rates are the lowest on record, and we're maxed out on credit cards and mortgage payments. It's not as if we can dip into our pockets for extra gas money until things get back to normal. In any case, "normal" may never be the same again. The era of cheap gas is almost surely over. And while in the long run that may not be such a bad thing, as a nation, we haven't prepared for that transition...which is kind of like building levees that can only withstand a Class III hurricane. I don't mean to be gloomy, but we could be seeing the toughest times in this country in seventy years. Too bad our president's initials are GWB and not FDR...>>