IT'S THE FALSE ECONOMY, STUPID

The economy is in the eye of the beholder. "It's pretty." or "it's pretty ugly." Utah's Senator Bob Bennett is out there painting a pretty picture of the economy. He sees and foresees nothing but roses if President Bush's policies remain in force.

Full employment doesn't mean the economy is beautiful if workers are paid less than the cost of living. When Andy can't pay the rent, it's not a recession - it's a panic. Don't tell Andy the economy is wonderful.

A healthy stock market hardly indicates that the domestic economy is pain-free. Corporate earnings are often enhanced by the very factors which harm the economy. The practice of foreign out-sourcing might increase a coupon clipper's net worth, but does little for our economy.

While Senator Bennett blows his horn, we hear David Welker, the head of the Government Accounting Office, playing a different tune. He warns of impending doom if we continue our anti-economy ways. The nearly $9 trillion national debt is already dragging us down, and Welker forsees a national debt of $46 trillion within the next few decades. We'll feel the pain before that. The burden is too heavy to bear.

Presidents Franklin Roosevelt, Reagan and George W. Bush understood that deficit spending gives the economy a jolt. But the results are neither real nor lasting. It's like passing out cash to bidders at an auction. The action increases and people get excited, but the medium of exchange diminishes in value, and here we go again.

IT'S ALL SO SIMPLE.