NY,pg1: "Deficits have soared under Bush," "sobering report"

[DeepModem Mom]

Another neglected issue --

Deficit Analysis and Bush Differ
By EDMUND L. ANDREWS

Published: September 8, 2004

....Over the next 10 years, the (nonpartisan Congressional Budget Office) said, the federal debt could swell by $4.9 trillion and climb rapidly after that as the nation's baby boomers start to draw Social Security and Medicare.

If Mr. Bush persuades Congress to make his tax cuts permanent, the federal deficit will increase to about $500 billion in 2009. The new estimate is the first time the Congressional agency has projected that Mr. Bush will probably fail to achieve his goal of reducing the deficit by half in five years.

Deficits have soared under Mr. Bush, who took office when the budget had a surplus of more than $150 billion and is now presiding over the second record deficit in a row....

***

....this new report is sobering because Congressional analysts reached their conclusions even when they used extremely optimistic assumptions about war costs in Iraq and robust economic growth over the next few years.

"The message is that you cannot grow your way out of this," said Douglas J. Holtz-Eakin, director of the Congressional Budget Office....

http://www.nytimes.com/2004/09/08/politics/08deficit.html

[Spinzonner]

1. Just think of it as a reverse inheritance to the kids ...

and their kids, and their kids, ...

[DeepModem Mom]

2. Interesting phrase, Spinzonner -- "reverse inheritance" nt

[eurolefty]

3. Tax cuts are catastrophic success. n/t

[cthrumatrix]

7. AWOL claimed it woudl create 7 million jobs!

[joshdawg]

4. One freeper says that tax cuts

will reduce the deficit. He could not answer how that would happen.

[Jacobin]

5. It's that "supply side economic" stuff Reagan tried

He tripled the deficit

[cthrumatrix]

6. and the media thinks this is a "non-issue"...this is BS

[nyhuskyfan]

8. Here are the Bush administration's OWN numbers

In 2001, their budget projected a 262 billion dollar surplus for 2004
In 2002, their budget projected a 17 billion dollar deficit for 2004
In 2003, their budget projected a 303 billion dollar deficit for 2004
In 2004, their budget showed a 440 billion dollar deficit for this year

Seems like they need some new economic experts on their staff.