Economic theory doesn’t add up

Re “It’s Iraq, stupid,� Opinion, May 18

Jonah Goldberg talks about the economy as if it were a gold star on President Bush’s report card. The truth is, there’s a lot of smoke and mirrors at the heart of these good times.

We’re the guy next door who has the new cars, the speedboat, the 60-inch plasma screen TV, the Florida vacation for the whole family -- the envy of his neighborhood. Until the folks from the bank come and take it all away.

Of course the economy is humming. With hundreds of billions in government deficit spending, and a nice little offshore military adventure to pour money into, why wouldn’t it hum? But it won’t last forever. Bush’s fiscal policies are going to leave the U.S. with a credit card hangover that may well last for generations.

JIM HOUGHTON

Encino

*

The current economic recovery is not helping the majority of Americans, and that is a significant factor in the president’s low approval ratings.

High corporate profits and boom times for the wealthy have made economic indicators rise, but incomes for most people have not kept up with increases in ordinary expenses, let alone soaring healthcare costs.

Goldberg is off the mark when he blames Bush’s poor approval ratings on the media overstating presidential influence on the economy. Approval ratings this low come from a perfect storm of poor performance: It’s Iraq and the economy.

PATRICK JUSTICE

Huntington Beach