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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: gao seng who wrote (159754)	7/10/2001 9:58:37 PM
From: Nadine Carroll	Read Replies (2) \| Respond to of 769667

What tripe? It's straight from the article: If you set aside Social Security and Medicare, the Federal Government only had a $16 billion surplus, not a $200 billion surplus as was widely claimed. The whole basis for Bush's tax cut was that the Federal Government was running a $200 billion surplus and ought to give it back to the tax payers; in fact, nearly all the surplus came from payroll taxes and went into the Social Security Trust Fund. The Treasury then borrowed it and used the money to pay down debt, leaving non-marketable Treasury bonds in its place. Thus the puffed up "surplus".