Under the Radar
DEFICIT -- HIDING THE PRICE TAG: In his convention speech earlier this month,
President Bush claimed Sen. John Kerry has "proposed more than $2 trillion in
federal spending (http://nygop.org/cgi-data/news/files/168.shtml) so far, and
that's a lot, even for a senator from Massachusetts." What Bush did not say was
that he himself was proposing an agenda with an even bigger price tag. As the
Washington Post reports, the administration's own cost estimates show the
expense of Bush's second term proposals is "likely to be well in excess of $3
trillion over a decade." Specifically, Bush's proposal to make his tax cuts
permanent "would reduce government revenue by about $1 trillion" while his
Social Security privatization plan "could cost the government $2 trillion." The
president has had little to say about the deficit as he barnstorms across the
country, prompting critics -- including conservative groups -- "to say Bush
refuses to admit there will not be enough money in government coffers to pay for
many of his plans." The silence is an interesting contrast to all the
flip-flopping declarations about the deficit the administration has previously
issued.
TAXES -- BUSH PROPOSALS COULD EQUAL 'WINDFALL' FOR RICH: President Bush has
vowed to make tax reform
(http://www.usatoday.com/news/politicselections/2004-08-21-bush-taxoverhaul_x.htm)
a centerpiece of his second term agenda, but an internal Treasury Department
study from late 2002, posted last week on the Washington Post Web site by author
Ron Suskind, "warned that any fundamental simplification of the nation's tax
system would ' produce windfall winners and losers
(http://www.washingtonpost.com/wp-dyn/articles/A18836-2004Sep13.html) ,' would
likely lower taxes for the rich, and could have devastating political
consequences for its champions." Treasury economists identified especially
serious drawbacks to reform proposals including a "'flat consumption' tax that
shifts the tax burden from savings and investment to wages and spending." Bush
has described replacing the income tax with a federal sales tax as " an
interesting idea (http://www.foxnews.com/story/0,2933,128784,00.html) that we
ought to explore seriously."
POLITICS -- HOUSE GOP FLEES FROM BUSH: Roll Call reports House Republicans are
scampering away from the far-right agenda
(http://www.rollcall.com/issues/50_27/news/6755-1.html) laid out by President
Bush and Vice President Cheney at the Republican National Convention. Under the
headline "Bush Convention Agenda Not Gospel," the newspaper notes that Rep. Tom
Reynolds (R-NY), the chairman of the House GOP's campaign committee, indicated
that the few moderate speakers at the convention "might be more suitable role
models for candidates" in certain districts. As one example of a House
Republican fleeing from the president, Roll Call cites Rep. Rob Simmons (R-CT),
who said, "My job is to tell voters in my district how I'm different" from Bush.
Simmons specifically questioned the White House's desire to "play around" with
Social Security privatization. |
