Stateside: Straight From A Horse Wrangler's Mouth

At 7.45pm on October 20, the moderator of the third presidential debate, Bob Schieffer, said that whoever is the president of the United States after this election will have to raise taxes. He has reiterated his concern about runaway federal spending on several occasions of late - on the Sunday morning show he hosts - Face the Nation - and when he is doing radio, print and television interviews around his current book promotion tour. Which is what he was on when he made a note of the time and date.

Basically, things can only get worse with the economy it seems. In this year when everyone is up for re-election in the House and one third of the Senate is, too, federal spending on pork barrel political promises will be enormous. Not to mention the cost of the Iraq war. And the ballooning deficit is being financed by nations like Japan and China, who are basically loaning the US money at high interest rates, in order that the US can buy goods manufactured in Japan and China. (Often by low-paid workers who've put US wage-earners out of work.)

Expect the economy to be big news as we count down to the election.

-ENDS-

© Scoop Media