PRESIDENT GEORGE W. BUSH Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : PRESIDENT GEORGE W. BUSH

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Karen Lawrence who wrote (281847)	7/30/2002 1:54:42 PM
From: stockman_scott	Read Replies (1) of 769670

Deficit Spending Some questionable numbers float Bush's predictions Detroit Free Press Editorial July 30, 2002 The big drop on Wall Street is getting plenty of attention, but the nation seems to have averted its eyes as the federal budget -- in which we're all investors -- goes under. Maybe it feels unpatriotic to question the return to deficit spending while the nation fights terrorism. That instinct would be on target if new investment in security spending were the only thing tipping the budget out of balance. But other factors play a far bigger role. And budget experts worry that the Bush administration has grossly overestimated revenues in predicting that surpluses will return in 2005. If the worriers are right, the country will be back in an era of deficits as far as the eye can see. Painting a rosy picture is to George W. Bush's political advantage. After economic factors, the biggest change in revenue results from his tax cut. Several pieces of it -- including some of the most expensive -- have yet to kick in, and could be suspended now before anyone starts counting on them. But Bush seems to rank preservation of his tax plan higher than any other budget priority. That includes trying to protect Social Security. No one has figured out a way to save for Baby Boomer retirements, but paying down the national debt with budget surpluses was a step in the right direction. Now every cent of this year's Social Security taxes will go for general government, the government must borrow, and the debt will start growing again. The Center on Budget Priorities calculates that interest costs on the debt will be an extra $1 trillion over the next 10 years. Boomers may deny that they're aging, but the government shouldn't. The first of them hits age 62 in a short 5 1/2 years. Against a backdrop of unknown defense needs, an unknown economy and known Social Security commitments, Bush insists his budget will stay afloat. That's what they said about the Titanic. freep.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next