Feb. 03, 2002 - 18:01 MST

THE WONDERING JEW

Carousel ?

Enronics are going on at a great rate with all the biggies apparently standing in a circle pointing the finger of blame on the one to the right. Meanwhile the Spin Specialists are spinning their tops and each political party is spouting off like crazy.

In today's paper (Sunday Feb. 3) there is an article by Kurt Eichenwald of the New York Times that mentions a special committee of Enron Corp's board which concluded that executives intentionally manipulated the company's profits, inflating them by almost $1 billion in the year before Enron's collapse through Byzantine dealings with a group of partnerships. The 217 page report describes an across-the-board failure of controls and ethics at almost every level of the Houston energy company. (preceding are partial quotes).

I am wondering how clean are the hands of the board ? Now everybody is eagerly following the news of Enron misdealings.

I think shifting the blame on the 9-11 tradgedy is a bit off, I may be wrong but I think our economy was on the way down before that happened.

Now off to the side I see articles in the paper that concern me deeply. Johathan Peterson of Los Angeles Times has something to say about what he thinks the Bush Administration is going to ask Congress for on Monday. "The Bush Administration will ask Congress on Monday to overhaul the nation's system of unemployment insurance, gradually shifting financial responsibility from the federal government to the states for the Depression era program that remins a bedrock protection for the middle-class workers."

The article goes on to say, "The plan is part of President Bush's 2003 budget, which calls for cuts in the unemployment tax. Under the plan which has been kept closely under wraps, states would assume the unemployment insurance program's administrative costs. The U.S. Labor Department, however, would continue to oversee the program. And administration official said there would be no reduction in jobless benefits."

Let's see now. There was a massive tax refund wasn't there ? Or a cut in taxes, or both ? Benefitting the people and companies who have the most money, assets and so forth. Now we are in trouble and The Shrub is after unemployment insurance, a last ditch sort of thing for someone laid off.

I remember going through all the rigamarole a time or two when I was unemployed. Was told that I was overqualified for any jobs they had open, but was required to give evidence that I had contacted "x" number of companies looking for work. So the original filing was cumbersome to say the least and entailed big waits between segments. Then each week I had to report back and wait on a bench for my turn to give them a list of the companies I contacted. Hell, I usually managed to find a job and go to work before I qualified to get the unemployment insurance check. However my bills kept coming and I had no money to pay.

Hit the states for more money ? Some of our states are so darned poor that they couldn't finance a hamburger banquet at Wendys. And I don't think a cut in the unemployment taxes will cover the added financial burden on the states. Especially seeing that the government intends to keep control over the whole darn thing. Cuts in the unemployment taxes but with no reduction in jobless benefits. Wonder if he will put up the San Francisco Bay Bridge up for sale too ?

Then the other shoe seems to be on the way down too. Eric Pianin of the Washington Post says that, "President Bush this week will seek sharp cuts in highway funding, Army Corps Of Engineers water projects, congressional environmental, job training and scores of other domestic programs, reflecting the darker side of a fiscal 2003 budget that calls for record spending increases for the military and for domestic security (Homeland Defense)." Geez, Homeland, shades of the Nazis. Later in his article he says, "Bush plans to cut or freeze spending in many parts of the government and to dip into Social Security and Medicare funds that were previously off limits, according to administration officials, congressional aides and special interest groups." Going on ahead a bit, "Bush's budget will inclde a sharp $9 billion cut in highway programs."Regardless of the figures and proposals, I remember seeing that the Interstate Highways are in need of attention - soon. There seems to be a proposal to eviscerate spending for a youth job training program, from $225 million this year to $45 million next year. It is also rumored that the administration is considering cutting an additional $620 million in grants to the states for training and education.

United Airlines is in trouble and apparently going to seek wage concessions from the people who finally got raises. Amtrak is wanting to make broad cuts in passenger service.

So how much will Mr. Gotrocks suffer from all this? With his fleet of cars, private jet and money to hire transportation at the end of his flight to his Aspen millions of dollars chalet or where ever he plays. The only effect that I can see is that he will feel for the average guy but as usual won't be quite able to reach him.

In my opinion we are headed, as a nation, into deep doo doo. Medicare -- heck if it wasn't for that Heather and I would be on the street for sure.

Now, how does one go about getting off this Carousel ? . . . . . . . .

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