DLC | New Dem Daily | January 4, 2005
Looks like those of us who were mildly pleased when the president promised jittery world financial markets that he'd get serious about our country's fiscal crisis misunderestimated Bush yet again. According to Sunday's New York Times, administration officials have decided to implement the president's pledge (which echoes a campaign promise to cut the budget deficit in half during his second term) by the speedy method of just
cooking the books.
Moreover, to "make Mr. Bush's goal easier to reach, administration officials have decided to measure their progress against a $521 billion deficit they predicted last February rather than last year's actual shortfall of $413 billion. By starting with the outdated projection, Mr. Bush can say he has already reduced the shortfall by about $100 billion and claim victory if the deficit falls to just $260 billion."
But wait, there's still more chicanery in the works in the form of budgetary tunnel vision that refuses to look at long-term budget shortfalls the administration's policies have produced. The president's budget will exclude "trillions of dollars in costs that lie just outside Mr. Bush's five-year budget window." More realistically, Wall Street analysts estimate that "budget deficits will total about $5 trillion over the next 10 years."
Add it all up, and it looks like the administration's deficit-reduction "plan" will qualify for a spot on the Times' bestseller list for fiction. Says respected budget expert Stanley Collender of Financial Dynamics: "I've been watching this more than 30 years, and I've never seen anything quite this egregious." Sounds like a reasonable assessment of a budget that uses year-old deficit estimates and fantasyland revenue estimates, while omitting the president's top domestic and international priorities and refusing to look at the long-range fiscal picture at all.
- - -
The rest of this commentary can be found
here.
- C.D. Proud Member of the Reality Based Community