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Politics : PRESIDENT GEORGE W. BUSH
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To: tonto who wrote (662351)11/24/2004 9:01:08 AM
From: DuckTapeSunroof  Read Replies (1) of 769670
 
"Do you disagree with the premise that we will have growing revenues"

Well, they rose this year (dead cat bounce from a Bear Market rally?) and likely will net out higher again in fiscal '05... but, considering the $500 billion dollar mil. budget, yet unappropriated continuing Iraq costs, yet unapproved (& thus: yet uncounted) tax cuts (remember the expiring nature of the first round of Bush tax cuts which need to be re-approved?), not to mention the not-yet-fixed AMT mess, not-yet-phased-in Medicare drug benefit... and, of course, the approaching next recession (Index of Leading Economic Indicators down five months in a row now)....

I'd have to say that --- without DRASTIC spending cuts --- the chances of fullfilling Bush's campaign promise of 'cutting the deficit in half in four years' is somewhere between slim and none... and Slim is packing to leave town.

There is next to NO WAY that deux ex-machina-like 'growth' will rescue the federal deficit in the near to mid term... and beginning in '08 a massive wave of Boomer retirees will start swelling the Social Security rolls, doubling the federal line item costs of SS by '15.

"or was your post an attempt to comment on the fiscal irresponsibility in Washington?"

Exactly. That's it, Tonto.
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