Snow: Economy Will Help Slash Deficit

[La_Serpiente]

Snow: Economy Will Help Slash Deficit

By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON - The Bush administration is committed to making its tax cuts permanent at the same time it intends to cut the budget deficit in half within five years, Treasury Secretary John Snow said Wednesday.

Snow warned that Congress would threaten the economic recovery if it rolled back the administration's tax cuts, something that President Bush (news - web sites)'s Democratic opponents are urging because of the exploding budget deficit.

Instead, Snow said, the administration would focus on getting Congress to make the tax cuts permanent, saying this would be at the "very center" of the administration's fiscal policy in the coming budget.

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Snow: Economy Will Help Slash Deficit

Can somebody say 'bull$h!t'?

[RUMMYisFROSTED]

1. Bullshit?

More like a Snowjob.

[Art_from_Ark]

2. Now where have I heard this "Snow-job" before?

Ah, yes, it was during the Raygun administration. And Raygun ended up amassing more debt than all of his predecessors combined.

[TreasonousBastard]

9. Supply-Side strikes again...

and everyone happily forgets about Reagan's tax hikes, and Poppa's "read my lips."

Tax hikes in the midst of Reagan's "booming" economy. Who woulda thunk it?

Allow me to repeat that for emphasis-- Reagan and Poppa Bush both realized that unending deficits are not good, and that tax hikes were necessary even without the massive spending increases we're now seeing.

It's about time we put the adults back in charge.

[rustydog]

13. You do that voodoo that you do sooooo well

yea, it may have failed once, but maybe this time it'll work.

[Mountainman]

3. If you spend more then you take in you have to borrow to keep afloat.

So the only way to bring down the deficit in 5 years is to cut spending because they want the tax cuts to be permenant. This means all social program, social security and Medidare includee will have to go.

It comes down to this. Give the conservatives what they want. No government social programs and no taxes on the wealthy but give the corporations those no bid contracts to clean up the messes the government is making for them.

We have to get these bandits our of office

[StClone]

4. Correct

"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare..."

Is a government that does the bidding only of those in power and with extreme wealth good for the general welfare?

[Grins]

15. "...get these bandits our of office"

You got that right, and the sooner the better! From Paul Erdeman’s column at CBS MarketWatch.com, 22 Oct 03...

(Snips)

“I don't know how George W. goes about picking his secretaries of the Treasury, but I do know that he has come up with two duds in a row. The new one, John Snow, is even worse the first one, whose name I have already forgotten.

“This is a guy who should be fired right away, before he does even greater harm to the standing of the United States as the financial powerhouse that the world looks to for economic leadership.

“This nation's reputation has already suffered enough as a result of the growing fiasco of our occupation of Iraq.

“The Financial Times got it right in an editorial earlier this week: "The world economy is volatile enough without a loose cannon at the U.S. Treasury."

Nice, clear, short read. And scary. You should read it, remember it, and use it with your arguments with Repubs.
<http://www.marketwatch.com/news/story.asp?guid=%7B53C9C182%2DFC6C%2D4198%2D9E24%2D162651E72989%7D&siteid=mktw>

[ProfessorGAC]

5. John Snow Is Clearly On Crack

If he really believes this, he's doped up. Nobody could be this stupid, naturally. Something is really interfering with his synapses. There have been plenty of published, peer reviewed tomes on the failure of Reaganomics (two of which were written by yours truly). If people still think supply-side works, they are either insane or abusing drugs.
The Professor

[fishguy]

6. 1980s redux of a credit card economy

Why can't people learn the mistakes of the past?
Having a credit card economy does not work in the long run.

[ramapo]

8. That hasn't been learned yet

The credit card economy has been going for 20+ years. Nobody has the guts to stop it. Reagan gave it a hugh boost and possibly Bush will be the one that smashes it against the wall.

You're right that it can't work in the long run. That's what makes the future a bit scary.

[grannylib]

11. Saw a bit on Link TV last night about Buy Nothing Day, and lots of folks

were actually seeing the light and cutting up the plastic...
I have not had a card since the early 90s and although it can pose some problems in emergencies and whatnot, I just can't bring myself to get another one. The whole system and culture of credit cards is such a scam and the trap is SO easy to fall into.

[lancdem]

7. This is politics at its worst

Cutting taxes is political pandering. And if you say the economy will cut the deficit, you don't have to worry about slashing government programs that might cost you votes.

[gasperc]

10. unfortunately the IMF just reported the deficits will kill the world econ

karma's a bitch

[jpgray]

12. Snow: "I hired magic deficit gnomes"

Makes as much sense as what he claims above. :)

[htuttle]

14. Reagan used to explain it like this

Let's say tax dollars are an apple pie.

Cut it in half.

Now half of the pie will go toward government expenditures, half will go toward a tax cut, and the last half will go toward paying down the debt.

:eyes: