Bad News On Iraqi Economy Draws Anti-Bush Criticism

FOR IMMEDIATE RELEASE
CONTACT: Laura Grock/Martin Janis & Co.
(312) 943-1106

Monday, August 20, 2007

(CHICAGO, IL) - Criticism of the Bush Administration comes again on the heels of a new report from the International Monetary Fund on Iraq's economy. "This new report confirms it. The Iraqis should be pumping oil like crazy, getting that money into the economy and building a working economy and stable society," criticized GOP presidential candidate John Cox.

Iraq's economy is not growing as quickly as expected, as the anticipated expansion in oil production within the country "has not materialized," the International Monetary Fund said in the just released report. The IMF report, released after consultations with Iraqi officials in August, said Iraqi oil production has remained steady at about 2.0 mln barrels per day, virtually unchanged since 2004. The report said fiscal surpluses in 2005 and 2006 reflect an underspending on oil facilities. Oil revenue is critical to funding Iraq's government, as it is the source of a majority of government revenue. IMF directors encouraged Iraq to step up reconstruction efforts, particularly in the oil sector.

On the question of the U.S.'s military gains, Cox had this to say, "The surge may be working and we will hear about the military gains in September - but what about the living standards in Iraq? No military victory will hold if unemployment is still 50% and if the electricity and water don't even work."

The reports from Iraq confirm Cox's viewpoint. A well-educated resident of Baghdad in his 30s, Ali told media sources that he wants to find hope and happiness in post-Saddam Iraq, but he feels that is impossible when basic needs are not being met.

"Happiness is abandoning the Iraqis. I don't believe that there is any Iraqi who can be truly happy," Ali said. "Happiness arises from the precursors to such happiness -- such as the country being stable, or the country being secure, or a person's basic needs and requirements being [fulfilled]. By this, I mean the services he needs for his daily existence, such as water and electricity. But these have long since gone by the wayside. We pray to God for wide, smiling, happiness on the faces of the Iraqis."

Iraq's electricity grid was already in severe disrepair before 2003. Upgrading and repairing it has been a massive undertaking according to sources at the U.S. Army Corps of Engineers inside Iraq.

If you are interested in having John Cox on as a guest commentator on this issue, please call Laura Grock at (312) 943-1106.

ABOUT JOHN COX

John H. Cox, 52, is the first announced Republican candidate for President in 2008. A self-made millionaire businessman and attorney, Cox made his fortune running successful companies in real estate, law, and venture capital. He helped turn around major potato chip manufacturer, Jays Foods, saving hundreds of jobs and turning millions of dollars in loss into profit. He served on the steering committee for Jack Kemp for President and on the boards of charitable organizations, such as the USO. He is a former president of the Cook County Republican Party in Illinois.

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