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Quoted: When they go to war, most governments try to be fiscally conservative. They institute austerity programs that require less spending at home and they raise taxes. President Bush spent more at home (following the Reagan economic model) and cut taxes. Then he borrowed money to fight the Iraq war - borrowed it by selling Treasury bills to other countries.
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In the last few years I've heard people say that, well, you can't really blame the President for the price of gasoline. After all, it's those nasty Arabs that are raising the price. Recently I've clarified the issue for myself: you really can blame the president for the price of gasoline. His policies and actions have lead to the decline of the dollar. And the decline of the dollar is why gasoline at the pump costs what it does.
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It is bad that we are in so much debt and it sucks that our economy is weakening. But it is not purely bad that the dollar is weak. A weak dollar has some benefits. It increases exports and profits for international US companies. And personally, I don't mind expensive oil. The more foreign oil costs the faster we'll finally get rid of our dependency upon it.
This dude is right though, the President's complete lack of fiscal responsibility is a major factor in expensive oil.