Mr. Bush's credit card bill

The WHO famously sang that "we won't be fooled again," yet we continue to be fooled again and again and again. Now George W. Bush's credit card bill has arrived. Why do we let the GOP get away with talking conservative while spending the nation into a recession again and again. This from The New York Times today.

Gasoline prices, which for months lagged the big run-up in the price of oil, are suddenly rising quickly, with some experts fearing they could hit $4 a gallon by spring. Diesel is hitting new records daily and oil closed at an all-time high on Tuesday of $100.88 a barrel.On Tuesday, diesel prices rose to a record $3.60 a gallon, compared with $2.62 a gallon last year..

These costs could exacerbate the nation’s economic woes, piling a fresh energy shock on top of the turmoil in credit and housing. Other new figures showed that home prices around the country are falling at an accelerating pace, suggesting no end is in sight for the housing meltdown. The depth of the nation’s economic problems became clearer Tuesday with the release of figures showing that prices at the producer level rose 1 percent in January, driven in large measure by energy costs. Compared with a year ago, prices were up 7.4 percent, the worst producer price inflation in the United States since 1981.

As of Tuesday, regular gasoline was selling at a nationwide average of $3.14 a gallon, according to AAA, the automobile club, up from $2.35 a year ago. The price has jumped 19 cents a gallon in two weeks. Energy specialists predict that as demand picks up further this spring and summer, retail prices will surpass the high of $3.23 a gallon set last Memorial Day weekend.