Whether Dubya is a "transformational" president is still doubtful, but if gas hits $3 per gallon in the US that will be a transformational event for American consumers.
First to go will be the Gas Hogs, the Hummers, the SUV "urban assault vehicles", and the "motor homes."
Only the very rich will be able to drive without good reason.
Second, everyone else will be experiencing a "consumption tax" that will cut the money available for other things....
Curiously, the Gas Surge is being blamed on China's "new middle class" those folks who are now doing jobs that Americans once did. But in truth, as in the 1970's, the record high oil price is probably due to the MONETARY POLICY OF THE FED...AND THE WASHINGTON FISCAL DEBACLES.....!
Oil is priced in dollars, and Greedspan has been printing Dollars like mad to support the beloved bubbles on Wall Street.
King Kongress, and the "total incompetent" currently in the White House, have spent on massive tax cuts for the rich and on optional wars.....as if nothing bad could happen.
This is very like LBJs two wars....in Vietnam and "on poverty, " only much much worse. During the Johnson years the US was still truly the "factory floor of the world"....few of the present day US macro-economic problems had kicked in yet; Like the huge structural trade deficits, and massive amounts spent on health care spending.
WHAT WE HAVE TODAY IS DUBYA AS A TRANSFORMATIONAL PRESIDENT TO BE SURE.....!
BUT BY THAT IT IS MEANT, THAT DUBYA'S RECKLESS "STARVE THE BEAST" FISCAL POLICIES WILL BE SUCH A DISASTER.....
THAT "THE NEXT PRESIDENT" WILL BE DEALING WITH A US ECOOMY THAT IS FUNDAMENTALLY TRANSFORMED, AND WEAKENED, FROM ANYTHING AMERICANS ARE USED TO LIVING UNDER!
ONLY PERSONS LIVING UNDER THIRD WORLD ECONOMIC CONDITIONS WILL BE ABLE TO RELATE TO "WHAT COMES NEXT" FOR MOST AMERICANS.
AMERICA IS BECOMING THE FIRST MASS POST-INDUSTRIAL THIRD WORLD ECONOMY. THAT IS DUBYA'S TRANSFORMATION......
