Bloomberg has this interesting yet troubling piece of news regarding Bush’s
new budget:
Feb. 6 (Bloomberg) — Under President George W. Bush’s new budget, the
federal deficit would decline gradually until 2010 and then start rising
again, as the full impact of his requested permanent tax cuts and other
proposals is felt.Bush’s budget for the year beginning Oct. 1, presented to Congress today,
projects a decrease in the deficit to $183 billion for the year beginning
Oct. 1, 2009, from this year’s record $423 billion.If Congress makes Bush’s 2001 and 2003 tax cuts permanent, most of the
impact won’t be felt until after 2011, long after the president has left
office. Some of the tax reductions are due to expire at the end of 2008 and
the rest in 2010.While keeping the cuts in place would cost the government $178.6 billion
through 2011, the loss of revenue over the following five years, from 2012
through 2016, would be $1.2 trillion.
Article continues
here.
Now I am no economist but it appears to me Bush is trying to delay the bad
stuff until after he leaves office then let the next guy take the fall for it.
This also means a greater impact on us in the future and our children. Can we
imagine what a war with Iran would do to the budget?
Raw Story also has an interesting article up about a missing table from
Bush’s new budget that addresses the actual impact of budget policy. Seems odd
that this common table would be admitted now. What is he trying to hide?