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During the roaring 90s, I used to tell anyone who would listen that the booming economy had more to do with Bill Gates than Bill Clinton. I didn't intend it as a knock on Clinton (there were plenty of other reasons to knock him). I was simply giving credit where it was due — the mass marketing of new computer-related technologies and the explosion of Internet commerce.

Fast-forward 10 years: Today's UK Times Online makes a similar observation on the disconnect between America's perceived successes and the policies of the current administration — "one of the most doltishly ineffectual governments in history":

For the past five years, America has been led by a president who is clearly not up to the job — a man who is not just inarticulate, but lacking in judgment, intelligence, integrity, charisma or staying power. Yet America as a nation seems to be stronger, more prosperous and self-confident than ever.

To say that today, we're stronger and more self-confident than ever is so much hooey. Whether we are actually more prosperous today than ever would depend upon who you asked (and what set of data was selected to make the argument). But whatever state you think the economy is in, it could be better. Much better.

In the 90s, President Clinton knew enough to stay out of the economy's way and let it roar ahead on its own steam. Today, President Bush's meddling leadership on issues with economic impact (such as cutting taxes for the wealthy while the deficit grows) is hurting the economy. Wealth is becoming more and more concentrated in the hands of the few. Personal savings is at its lowest point since the depression. Working people are uncertain about their jobs, their futures. Confidence is eroding. The result: Economic growth is slower than it should be.

Bush and the Republican Congress' infatuation with trickle-down economics is an idea whose time has come and gone. It's a fairy-tale. It doesn't work to the advantage of the vast majority of Americans.

So why is it that grown-up Americans still believe in fairy tales?