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

To: Neocon who wrote (426913)	7/14/2003 4:58:40 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 769670

You make a very good point. Entitlement programs are being used (and have been used for quite some time) for hiding the true extent of our federal government's current accounts deficit... but that 'budgetary worm' is about to turn on it's actuarial head, as demographics take their inexorable toll, and the 'Boomers' begin retiring. The Treasury Department published a 'federal budget according to GAAP' for tax year 2001 (just before the Treasury Secretary was forced out) which showed the true federal deficit for that year to be over One Trillion dollars. ... All the more reason we shouldn't be borrowing to fund discressionary expenditures... unless we want a hyper-inflationary future for our children. The 'unfunded federal obligation gap' projected out to the end of the decade, is some $ 14.1 Trillion (according to Goldman).