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Economic Nightmare
Bush and his administration have really
messed up the trend the Clinton administration got going.
It was estimated that we would have a
surplus through 2006.
Bush is leading us to the largest deficit
in the history of our country forcasted at $307bln for 2004 and
remaining until 2008.
This is the first deficit we've had since
1997. At the end of 2000 we had a surplus of $86bln
Given the surplus we had and the $307bln
that's a total of $393bln of tax payers money that has been and
continues to be spent
above and beyond what George W. Bush's Presidency takes in.
Previously the largest deficit was
$277bln during George H W Bush Presidency.
Like Father Like Son
On top of this year's estimated $304bn
deficit, the cumulative deficit between 2004-2008 is now forecasted at
$1,084bn.
The administration has been accused of
hiding the true state of the public finances by returning to the earlier
practice of presenting mainly five-year forecasts for the deficit. This
conceals the fact that the deficit would be sharply higher in later
years if the administration's plans were enacted to make permanent some
elements of the 2001 $1,350bn tax cut, currently due to expire in 2010.
The budget forecasts do not include the cost of any war with Iraq, which
will be handled in a separate supplemental budget.
$2.23 Trillion proposed budget will also
be the largest in history if it passes. http://abcnews.go.com/wire/Business/ap20030203_868.html
Now he wants to mess with our IRAs and
401Ks. http://money.cnn.com/2003/02/03/retirement/bushplan/index.htm
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