Friday, August 18, 2006
As American As Apple Pie...
Not only have we brought the wretched souls of Iraq death and destruction they could never imagine under Saddam, we've taught them the GOP Zen of Deficit Spending!0 comments
Also on Thursday, the Iraqi government introduced a $39 billion draft budget for 2007 that a spokesman said would require significant borrowing unless daily oil production more than doubled.
Few details of the draft were available. Ali al-Dabagh, the government spokesman, said in an interview that it was being scrutinized by the cabinet and that most of the proposed $39 billion would pay for employees’ salaries and pensions.
“It is not enough for Iraq,” he said. “This is not a budget for investment; it’s just for the state’s basic expenses.”
The budget would nonetheless be likely to require deficit spending. Last year the government earned about $25 billion, mostly from oil; the rest was borrowed. To balance the budget, Mr. Dabagh said, Iraq would have to produce roughly 3.5 million barrels of oil a day at current prices. According to the International Monetary Fund’s latest report, Iraq produced 1.4 million barrels of oil a day for the first five months of this year.
Let's see...
The whole idea of going in there and taking over was to gain all those resources for ourselves. How bad must it really be if Corporate America is already letting them have the burned out husk of what's left?
The race to the bottom is on!
posted by Gotham 12:33 PM
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