Bush's budget gyrations

The Pittsburgh Post-Gazette ^ | Wednesday, January 05, 2005 | Dan Simpson

[Willie Green]

The administration is crunching numbers like crazy,
but it can't obscure the giant holes being created

We are now about to see the Bush administration carry out some maneuvers with respect to the budget level for this year that will call to mind an NFL quarterback being chased by three or four vicious linemen wanting to sack him, and break some bones as well, if possible.

The problem for President Bush, with his inauguration and State of the Union speeches coming up, is this: During the campaign, sincerely or insincerely, he pledged to do something about the soaring budget deficit, which rose to a record $413 billion last fiscal year. Specifically, he promised to cut the deficit in half, to $206.5 billion by 2009, the year after he leaves office.

The Congressional Budget Office has already estimated that this year's budget deficit will be at least $300 billion. If that is the case, that will mean that even more drastic cuts would have to be made in the three following years if the cut-by-half target is to be met. Not to meet those goals would, of course, not impinge on the electoral situation of Bush himself, who will not be running in 2008. But, in spite of how they voted in 2004, it is very likely that Americans are being made increasingly nervous by both the constantly spreading pool of red ink on the floor, and by the fact that American deficit spending is being financed largely by purchases of U.S. treasury bonds by foreigners, specifically by Chinese, Japanese, Arab and European lenders.

So how is President Bush going to deal with the problem?...

[trebb]

Willie - since the sky hasn't fallen and crushed you yet, I would tend to relax a little. It will all be OK.

Happy New Year!

[Willie Green]

"Pay no attention to the man behind the curtain."

~ The Wizard of Oz

[G.Mason]

"My real problem with all of this is twofold. First of all, I don't approve of budget deficits. There may be an argument that they are somehow good for the economy, but I don't believe that U.S. deficits financed by foreign borrowing are good for us as a country. Secondly, I believe that Americans need absolute truth in packaging on our real budget situation."

Well, if the Simpsons don't approve, that's good enough for me.

Bad President Bush! ... Bad ... bad President Bush!

[Piquaboy]

Cut out all the pork and giveaway stuff and we will be in fine shape. That will happen when hell freezes over as the blood suckers in Washington will not allow all their power of be gone.

[Truth29]

And related to the deficit, I think, is the continued decline of the USD against the euro, the Japanese yen, etc. To a point, devaluation helps our exports and reduces our imports, but severe devaluations would destabilize the US economy.

[RockinRight]

Bush will do his best.

Then in 2009 President Sanford will finish the job...

[Willie Green]

In relentless pursuit of a global corporate plutocracy, the Bush Administration has left intact an economically oppressive federal regulatory bureacracy while undermining American Middle Class business interests with importation of foreign goods and labor.

US drops out of world's 10 freest economies list, says WSJ

"Think what you do when you run into debt;
you give another power over your liberty."

-- Benjamin Franklin (1706 - 1790)

[trebb]

LOL - love ya Willie.

God Bless!