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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (195844)	7/25/2004 7:40:20 PM
From: Thomas M.	Read Replies (1) of 1573130

<<< ... President Bush proposes to increase defense spending by $48 billion in 2003. This is approximately $38 billion more than the increase that would be needed to keep pace with inflation. He also proposes to increase spending on homeland security by $19 billion, raising it to $38 billion in 2003. Since spending in this area had been close to zero prior September 11th (there were some relatively minor expenditures that were not lumped in this category), almost the whole $38 billion can be viewed as an increase in spending. Together, the two sources of increased spending come to $76 billion, which is equal to 0.69 percent of the GDP projected for 2003. In other words, the war on terrorism will increase defense related expenditures in 2003 by an amount equal to approximately 0.69 percent of GDP, compared to the situation that existed prior to the September 11th attacks. Coincidentally, this is almost exactly equal to the size of the seventy-five year shortfall projected by the Social Security trustees in their most recent report. According to the 2001 Trustees Report, if taxes were increased by an amount equal to 0.70 percent of GDP, the program would be fully solvent for the next seventy-five years (Table VI.E5.). This means that if the Social Security trustees projections prove to be exactly on the nose, if the country increased taxes by an amount that is virtually identical to the expenditures associated with the war on terrorism, Social Security would be fully solvent over its seventy-five year planning horizon. This comparison can be useful. Clearly the expenditures associated with the war on terrorism are not trivial. They will impose a burden on the budget. However, this spending has not been associated with the sort of apocalyptic adjectives which often been used to describe the burden that Social Security will impose on the nation ... >>> cepr.net Tom

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