BUSH IS OUT OF CONTROL!
living in a dream world...what happened to the republican mantra????? IT GONE IT DONE IT"S HISTORY...and now IT'S HISTORIC!
And the incredible part is that this BUSH TAX CUT WILL KICK IN JUST AS THINGS ARE GONNA BE AT THEIR WORST....WHEN THE BOOMERS RETIRE
The Deficit Floats Up and Away
July 16, 2003
Having done its utmost to choke back the revenue flow into
the Treasury, the Bush administration offered a running tab
on this year's exploding budget deficit yesterday. To hear
the casual patter of White House aides about the deficit,
one would think it was pocket change. In fact, the
shortfall has ballooned 50 percent in just five months, to
$455 billion and counting. This historic high shows no sign
of cresting, certainly not while the president's detaxation
mania rolls forward. The White House firmly insists that
the growing wad of government costs and debt being rolled
across the years toward tomorrow's taxpayers is eminently
"manageable." Actually, what was manageable was the $127
billion surplus the fledgling administration enjoyed just
two years ago.
That surplus has disappeared into the Potomac mists, along
with the Republicans' creaky posture as deficit hawks. A
decade of deficit spending now awaits the nation, rooted in
an anemic economy, pervasive joblessness, the rising costs
of the American occupation of Iraq and Mr. Bush's tax cuts
for the upper brackets. Independent estimates suggest that
the deficit will grow to the half-trillion-dollar level
next year and barrel on through the next decade at a cost
in excess of $4 trillion once Congress's hypocritical
commitment to "sunset" various tax cuts is quietly
reversed.
The White House never fails to seize on optimistic
predictions that the economy will tick back up zestfully
next year in Mr. Bush's "jobs and growth" program, an
agenda that has so far delivered far more tax cuts than
recovery. A sobering estimate of the detax-and-spend
policies of the president and the Republican-controlled
Congress is offered by the Concord Coalition, the budget
watchdog group, which warns of devastating long-range
effects from "a schizophrenic pursuit of small-government
tax policies and big-government spending initiatives."
Politicians have broken vows not to tap Social Security
funds, leaving costly entitlement promises to baby boomers
looming at the shore of red ink that now pools forth into
the nation. The White House hardly scans that shore,
offering no details in its newly minted promise to cut the
deficit in half "over the next few years."
nytimes.com
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