Pat Buchanan

Yet Sarkozy and Obama are talking about new foreign aid.

The Wall Street Journal banner June 1 read: "Housing Imperils Recovery: Home Prices Sink to 2002 Levels; Consumer Confidence Falls as Pessimism Grows."

The lead ran thus: "House prices have sunk to 2002 prices, effectively wiping out almost a decade's worth of home equity across the U.S. and imperiling the fragile economic recovery as Americans confront the falling value of their biggest investment."

That day, the Dow fell 280 points. And the June 2 Journal banner read: "Economic Outlook Darkens: Markets Stumble as Factories, Hiring Slow Down; Biggest Drop in Stocks in a Year."

Nearly one-fourth of American homeowners live in houses that are underwater, worth less than the mortgages on them. The index of consumer confidence fell last month from 66 percent to 60.8 percent. Only 38,000 private-sector jobs were created in May. The manufacturing boomlet seems to have stalled. Some 422,000 American workers filed for unemployment benefits in May.

Talk of the "double-dip recession" is now pandemic.

Yet a U.S. government $14.3 trillion in debt, running a third straight deficit of $1.4 trillion, is talking of sending billions in aid to Arab regimes where the deposed despots looted the place.

Nor is America any longer exempt from the anarchic violence plaguing Europe. Over Memorial Day, when millions happily took off for the beach for that first taste of summer, they found trouble.

The Drudge Report headlines the day after Memorial Day tell the story: "Miami 'War Zone' During Urban Weekend," "Poet ... Gunned Down in Front of Miami Poetry Club," "Violent Crime Explodes in Myrtle During Black Bike Week; 8-hour Hell," "Rib Fest at Rochester Beach Turns Rowdy," "Riot on Long Island," "Urban Melee in Charlotte," "Unruly Crowd Shuts Down Nashville Water Park," "Dozens of Gang Bangers" at Chicago beach.

This is not the peaceful, prosperous America of 1947, with half the world's production, that could cobble together Marshall Plans and ship wealth abroad to rebuild nations devastated by World War II.

Today, America is herself in need of repair and rebuilding. Yet her leaders are living in yesterday.

Pat Buchanan

Pat Buchanan is a founding editor of The American Conservative magazine, and the author of many books including State of Emergency: The Third World Invasion and Conquest of America .
TOWNHALL DAILY: Be the first to read Pat Buchanan's column. Sign up today and receive daily lineup delivered each morning to your inbox.
©Creators Syndicate