George W. Bush has not been known to update his basic Concepts base in Real Time. This stands particularly true when dealing with economic beliefs. Dick Cheney may be even more hidebound than his obtensible Boss, though it can be said Cheney exerts a considerable influence. Something could be said for the traditional American alienation between President and Vice-President. Integration of the Vice-Presidency into the current Administration forestalls expansion of Content and Makeup of Advisors to the President, while the Later cannot just get rid of a Vice-President, as he would any other Cabinet officer or Advisor who has proved to be a failure.
Dick Cheney came into Office believing that National Debt did not matter, continual growth could be sustained until the end of Time. He has worked continually to insure his Boss, George W. Bush, held to the ideological line. Economists and Accountants have tried to outline for these two officials the danger coming from the growth of Debt. Interest rates will eventually rebound with overdraft of funds, and Service of the Debt will absorb Governmental revenues to an ever-increasing degree. Their view on Trade is equally set in concrete! They see only the advance of Business Profits from Free Trade, without troubling themselves about adverse economic conditions generated; while high Expenditures grant large amounts of Pork to spread around, producing political support for their administration.
The generous viewpoints of unlimited Debt plus Free Trade produce a mixture which economically unviable. Free Trade allows unlimited invasion of American markets by foreign competition, while selling of Federal debt to foreigners generates Investment capacity for foreign Profits of Dollars earned in the American markets. The interaction of the two economic policies produce a matrix where the Federal Government actually underwrites foreign competition in American markets. Republicans will never admit it, but the later Bush administration is as bad as the economic administration since Reagan; both the worst since the pre-Depression administration of Herbert Hoover. lgl