In other words: A discussion of The Bush Administration
The Deficit Matters
The Republicans harped on it over and over in the eighties: Lower The Deficit. And you know what? They were right (not that anyone was arguing for the deficit). Well now we've raised our borrowing limit to 7.4 Billion Dollars to keep up with the growing deficit. So what kind of debt are we talking about. Well, assuming American is 250 Million strong, we're talking about $29,600 of debt for every person in this nation. That means my family's debt burden alone is $118,400; I guess I need a second mortgage. That would be if the government suddenly started living within its means of course. But that isn't going to happen anytime soon. Why the federal government is sitting on a report that estimates the budget deficit growing to 44.2 Trillion dollars. Now you're talking real money.
US 'faces future of chronic deficits'
The Bush administration has shelved a report commissioned by the Treasury that shows the US currently faces a future of chronic federal budget deficits totalling at least $44,200bn in current US dollars.
The study, the most comprehensive assessment of how the US government is at risk of being overwhelmed by the "baby boom" generation's future healthcare and retirement costs, was commissioned by then-Treasury secretary Paul O'Neill.
But the Bush administration chose to keep the findings out of the annual budget report for fiscal year 2004, published in February, as the White House campaigned for a tax-cut package that critics claim will expand future deficits.
Ah yes, wouldn't want to hurt or chances of passing that big welfare for millionaires tax cut. Yes, you are right it did speed up the child tax credit for us less then millionaire folks, that will be nice to get that check this summer. Of course, if you are poor, you don't get that either:
Tax Law Omits Child Credit in Low-Income Brackets
But after studying the bill approved on Friday, liberal and child advocacy groups discovered that a different group of families would also not benefit from the $400 increase families who make just above the minimum wage.
Because of the formula for calculating the credit, most families with incomes from $10,500 to $26,625 will not benefit. The Center on Budget and Policy Priorities, a liberal group, says those families include 11.9 million children, or one of every six children under 17.
I love it when you hear Republicans yell that Democrats are practicing "class warfare" whenever thing bring facts like that up, because that is what the Republicans are in fact doing. They are waging class warfare. Though they have little class themselves.
Any, back to the earlier fun article about the 44.2 Trillion Dollar future deficit:
The study's analysis of future deficits dwarfs previous estimates of the financial challenge facing Washington. It is roughly equivalent to 10 times the publicly held national debt, four years of US economic output or more than 94 per cent of all US household assets. Alan Greenspan, Federal Reserve chairman, last week bemoaned what he called Washington's "deafening" silence about the future crunch.
Hmm... What will we do about that?
The study asserts that sharp tax increases, massive spending cuts or a painful mix of both are unavoidable if the US is to meet benefit promises to future generations. It estimates that closing the gap would require the equivalent of an immediate and permanent 66 per cent across-the-board income tax increase.
Ouch. ummm. ewww. Thanks George!
- rob 2:58 PM - [PermaLink] -
----
TCS Now offers a News Reader Feed
Subscribe to the TCS Feed
Having trouble with some of the poor English
on this site?
Imagine what it looks like when translated by a machine:
This is a "team" blog. We are a bunch of
Americans, whose rising distress
in our leader's decisions brought us together to make this site.
As Bush said, he's a "uniter." Many of us have never even met.
That's the internet for you.
Buy our cool stuff.
And tell everyone what you feel.
We have a little Store
you can visit.
Our store's selection of items is constantly growing. Come
see what we have.
We're also Amazon Associates, so if you want to buy something from Amazon, please search for it below, and we will get a few bucks from the sale.
Static Sky
Tin Foil Caps
The Free Speech Zone
The office of the independent blogger
Buzzflash
Tom The Dancing Bug
VerifiedVoting.org
Get Your War
On
This Modern World
Eschaton / Atrios
Daily Kos
meowpurrmeow
Contribute to America's Future
It is now more important then ever.
Donate to the Democractic Congressional Campaign Committee
Donate to the Democratic Senatorial Campaign Committee
Some More Site Mottos
"To announce that there must be no criticism of the
president, or that we are to stand by the president, right or wrong, is
not only unpatriotic and servile, but is morally treasonable to the
American people."
- Teddy Roosevelt
"Government has a final responsibility for the well-being of
its citizenship. If private cooperative endeavor fails to provide work
for willing hands and relief for the unfortunate, those suffering
hardship from no fault of their own have a right to call upon the
Government for aid; and a government worthy of its name must make
fitting response."
- Franklin Delano Roosevelt
"I am not an advocate for frequent changes in laws and Constitutions, but laws must and institutions must go hand in hand with the progress of the human mind. As that becomes more developed, more enlightened, as new discoveries are made, new truths discovered and manners and opinions change, with the change of circumstances, institutions must advance also to keep pace with the times. We might as well require a man to wear still the coat which fitted him when a boy as civilized society to remain ever under the regimen of their barbarous ancestors."
- Thomas Jefferson
"The means of defense against foreign danger historically have become the instruments of tyranny at home."
"All men having power ought to be distrusted to a certain
degree."
- James Madison
"I believe in human dignity as the source of national purpose, in human liberty as the source of national action, in the human heart as the source of national compassion, and in the human mind as the source of our invention and our ideas. It is, I believe, the faith in our fellow citizens as individuals and as people that lies at the heart of the liberal faith. For liberalism is not so much a party creed or set of fixed platform promises as it is an attitude of mind and heart, a faith in man's ability through the experiences of his reason and judgment to increase for himself and his fellow men the amount of justice and freedom and brotherhood which all human life deserves."
- John F. Kennedy
"Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes you can do these things. Among them are [a] few other Texas oil millionaires, and an occasional politician or business man from other areas. Their number is negligible and they are stupid."
- Dwight D. Eisenhower
more coming...
