It's a balanced budget or tax cuts, report says (GAO)

[underpants]

http://www.latimes.com/news/printedition/asection/la-na-budget25jan25,1,2108973.story?coll=la-news-a_section&ctrack=1&cset=true

WASHINGTON — President Bush can balance the budget within five years, or he can get Congress to extend his tax cuts beyond their scheduled expiration, the Congressional Budget Office reported Wednesday — but probably not both.

The nonpartisan CBO, in its annual report on where current spending and tax policies would take the budget over the next 10 years, did not contradict Bush in so many words. But its tables painted an unmistakable picture of a budget that needed an extra infusion of cash or a sharp reduction in outlays if revenue were ever to exceed spending.

And even if the budget could be balanced by 2012, said Peter R. Orszag, the CBO's director, the retirement of the baby-boom generation could quickly unbalance it: Not only would the wave of retirees force the government to spend more for Social Security, Medicare and other benefit programs, he said, but it would drain the population of taxpaying wage-earners.

Liberal and conservative budget analysts took the Democrats' slant. Brian M. Riedl, lead budget specialist at the right-of-center Heritage Foundation, said the new numbers implied that balancing the budget by 2012 without increasing taxes meant that federal spending could be $294 billion greater in 2012 than 2007. But in that period, he noted, Social Security, Medicare and Medicaid costs would rise by $367 billion.

[fasttense]

1. Well we have been paying double Social Security Taxes

Since Raygun increased it, so we should have enough money to pay for our own and our parent's retirements. Now we the payers are due our benefits and the government whines like a five year old who can't have extra whipped cream on their dessert. Get over it repukes. We paid for it and we want our Social Security benefits.

"And even if the budget could be balanced by 2012, said Peter R. Orszag, the CBO's director, the retirement of the baby-boom generation could quickly unbalance it: Not only would the wave of retirees force the government to spend more for Social Security, Medicare and other benefit programs, he said, but it would drain the population of taxpaying wage-earners."

Well it is not like they didn't know we Baby Boomers would eventual retire. The double tax on the baby boomers was the repukes first attempt to rig Baby Boomer's benefits. Raygun made us Baby Boomers the first generation to pay for both our parent's retirement and our own retirement. That Social Security trust fund was suppose to be our Social Security benefits. Me and millions of other Baby Boomers paid for it (twice) and we will get it. It is our money and the government owes it to us. The government borrowed our Social Security money and now wants to not pay it back. Bunch of thieves.