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"I thought that Fed interest rate cuts had much more to do with devaluing the dollar than Bush has been able to directly influence."
You thought wrongly. Take out one of the largest oil producers in the world, add consumption on the margin, and run up the largest deficit in world history and you've got the recipe.
We will pay for the deficit either in inflation, long-term recession, and higher oil prices, or in taxes that can actually produce what people need, and allow it to trickle up. We've tried one approach. We will pay in either case - one ends us up without energy alternatives, without mass transit, without repaired infrastructure, and without health care, the other with all of the above.
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