Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

75 yrs, of Bush tax cuts = $12T, Medicare Drug bill= $8 T, Soc Sec=$3+T

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Topic Forums » Seniors Donate to DU
 
papau Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-10-05 12:26 PM
Original message
75 yrs, of Bush tax cuts = $12T, Medicare Drug bill= $8 T, Soc Sec=$3+T
So why the focus on the problem that does not begin until 2043 and only costs 3 trillion, while we ignore the 20 trillion hole Bush's first term has caused?

Must we pretend Bush's first term was an economic success -

Must the media pretend that it was a success?

http://www.latimes.com/news/nationworld/nation/la-na-ou...
WASHINGTON OUTLOOK
Bush's Budget Moves Have Made the Future a Voiceless Victim
Ronald Brownstein

January 10, 2005

It may be difficult to believe, but as the debate on Social Security begins, what Washington needs most is another lobbying group. This one would advocate for the interests of Americans not yet born.<snip>

Over the next 75 years, the best estimate is that Bush's tax cuts will cost from $10 trillion to $12 trillion. The prescription drug bill will cost about $8 trillion. All this comes while bills mount for the global war against terrorism. In essence, we've voted ourselves more services and lower taxes and billed both to our children through a higher national debt that is soaring again after shrinking in the late 1990s.

The combined cost of the tax cut and prescription drug benefit is about five times larger than the projected gap between Social Security's revenue and its promised benefits over the next 75 years. Yet Washington has decided that the Social Security shortfall is the real crisis. So the administration is discussing changes that would sharply reduce guaranteed Social Security benefits for young workers while protecting benefits for those at or near retirement today.

<snip>
One economist has calculated that adding that much borrowing to the annual budget deficits already projected could produce a publicly held national debt by 2030 almost as big as the country's gross domestic product. The only time America has left future taxpayers a debt that large was during World War II, when the U.S. fought in the planet's most destructive conflict.

Workers facing higher taxes to pay the crushing interest on the national debt in 2030 might not consider our justification for burying them with bills quite as compelling.<snip>
Refresh | 0 Recommendations Printer Friendly | Permalink | Reply | Top
4_TN_TITANS Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-10-05 01:45 PM
Response to Original message
1. How come so few people see this?
Republican or Democrat, what possible justification is there for doing this to our kids and grandkids???
Printer Friendly | Permalink | Reply | Top
 
papau Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-10-05 03:42 PM
Response to Reply #1
2. The media chooses to sell the GOP plan - any GOP plan - so folks get
few real facts from the media.
Printer Friendly | Permalink | Reply | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sat May 04th 2024, 07:22 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Topic Forums » Seniors Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC