Too Much Deficit, Not Enough Revenue
Washington PostPresident Bush signaled yesterday that he would add personal investment accounts to the Social Security system, simplify the tax code without raising taxes and cut the budget deficit in half, all before he leaves office in 2009.
Ambitious as those promises are, they may be mathematically impossible, budget and policy analysts say.
"It doesn't seem like we're going to see any tightness in U.S. budget policy anytime soon," said Rebecca Patterson, senior currency strategist at Wall Street giant JPMorgan Chase.
Bush pledged early this year to halve the deficit in five years, a promise he renewed yesterday. "I would suggest look at our budget that we've submitted to Congress, which does, in fact, get the deficit down, cut in half in five years," Bush said.
But in an independent analysis of that budget, the nonpartisan Congressional Budget Office concluded it would not fulfill that promise. The deficit in fiscal 2004, which ended Sept. 30, was $413 billion. Under Bush's plan for spending and taxes, the deficit would be $258 billion in 2009. If anything, that may understate the size of the deficit in coming years because it does not include any additional costs for the wars in Iraq and Afghanistan. The Pentagon is expected to seek an additional $70 billion early next year.
Faith based economics
The more you spend the more God gives you, right?
step in the right direction though isn't it Dan?
big IF's, but IF bush can settle Iraq and Afghanistan, move closer to peace and help establish a palestinian state, put pressure on Iran to lose their WMD's, AND reform Social Security and cut the deficit.......all while preventing another 9/11...you may have one of the most successful presidents ever across the fence from you. silver linings man....you either can't see them, or refuse to look.
maybe mocking God will help you
NOT
I do think it's curious that Bush tried to point the finger at Kerry as a "tax and spend liberal," while admitting that he was, in essence, a "spend and spend conservative." Cir stances dictate choices, but you can't make a choice and then ignore the ensuing cir stances.
I guess the Bush administration is the anti-Patrick Ewing: they spend a lot of money, even though they don't make a lot of money. Fiscally sound policy.
If you don't reform SS today then it's going to make the current budget deficit and debt levels seem miniscule.
Yes, in general I would like to see government social spending reduced. I'm sure those of you who are critical of Bush's prolifigate ways would agree.
I'm for increased spending for the veterans.
Let's get serious. In all likelyhood W isn't going to be able to solve any of these problems. In 4 years we will be deeper in the hole, unless W manages to 'reform' SS, which means more taxes or less benefits, the Iraq situation will grow worse, with 1,000's more troops dead and we may be in Iran or Syria, and there is about as much chance of there being a transparent democracy in Afghanistan as there is in Ohio USA.big IF's, but IF bush can settle Iraq and Afghanistan, move closer to peace and help establish a palestinian state, put pressure on Iran to lose their WMD's, AND reform Social Security and cut the deficit.......all while preventing another 9/11...you may have one of the most successful presidents ever across the fence from you. silver linings man....you either can't see them, or refuse to look.
I don't think we are going into Iran or Syria. The threat alone is enough for them to comply. They know we aren't all talk. Social Security won't be fixed overnight, but i'm willing to give the Bush plan a chance and see what happens. As for transparent democracies....it's better than what they had. Better than being terrorized by the taliban and saddam.
maybe he can't but can you guarantee Kerry could have?Let's get serious. In all likelyhood W isn't going to be able to solve any of these problems. In 4 years we will be deeper in the hole, unless W manages to 'reform' SS, which means more taxes or less benefits, the Iraq situation will grow worse, with 1,000's more troops dead and we may be in Iran or Syria, and there is about as much chance of there being a transparent democracy in Afghanistan as there is in Ohio USA.
You seriously think that Iran is just going to just roll over and capitulate because the U.S. erroniously attacked Iraq? You sir have no bases on reality. Iran is more likely to go the route of North Korea and accelerate the production of nuclear weapons as a national security priority.
Kerry would have had a better chance. W has no credibility with foreign governments.maybe he can't but can you guarantee Kerry could have?
and Kerry does?
SS as it currently stands is going to require either payroll tax increases or benefit reductions.In 4 years we will be deeper in the hole, unless W manages to 'reform' SS, which means more taxes or less benefits,
Bush's plan is to allow individuals to take some of their own money and put it in accounts which they manage and which is a real asset, one which is their property and not that of the federal government. I don't have a problem with that at all.
Ideally SS would be changed into a simple transfer program for needy seniors instead of a pension program for everyone. There is no reason why we need to continue with a policy which was created 70 years ago. This would be a route of sane compromise which would give the left the income guarantee for needy retirees which they seek as well as give the rest of us greater freedom.
some of those foreign govt's have no credibility with us. and we are the superpower pal.
You seriously think that Iran is just going to just roll over and capitulate because the U.S. erroniously attacked Iraq? You sir have no bases on reality. Iran is more likely to go the route of North Korea and accelerate the production of nuclear weapons as a national security priority.
frankly Dan, i'm suprised the sanctions former President Clinton imposed on them haven't worked better. /sarcasm
Iranian gov't is not happy Bush was re-elected. There is a reason.
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