January 26, 2006
Endless deficits and countless excuses
Remember Bush's promise to cut the deficit? Well, not so much...
CBO Projects $337 Billion Deficit in 2006
That's the headline but the news is worse. Though as a percentage of GDP the number is low, taxation is extremely low, longer term spending on Social Security is about to increase dramatically and the global economic environment is very different than the 80's. There are better places for investors to put their money which leaves our Chinese creditors to pick between our spendthrift ass and hookers. I'm thinking they'll soon opt for the hookers.
What's the deal? Well, Bush would have you believe it's Katrina and the Iraqi occupation which is total crap. It's the tax cuts and the fact that they haven't grown the economy much in five years. The other stuff is big, but completely digestable... if he'd left long term tax policy in place and allowed the Fed to pull the monetary trigger they were already starting to pull in 2001 by dropping rates.
Posted by mcblogger at January 26, 2006 08:20 PM
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