ROACHBLOG

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Tuesday, February 03, 2004
 
We are in such big trouble.
The NYT talks about what happens when politics and reelection are all that matters to the people in power:
"...The central fiction in the budget is that it constitutes the first step in halving the record $521 billion deficit over the next five years. Mr. Bush accomplished that feat on paper, in part by pretending that there would be no additional costs for the military in Iraq and Afghanistan this year — a supplemental request for an additional $50 billion or so will presumably arrive safely after Election Day."

Krugman also has a few choice words about the, er, umm...budget:
"...Even as the Republican leadership strong-armed the Medicare drug bill through Congress, the administration was sitting on estimates showing that the plan would cost at least $134 billion more than it let on."
He also points out that, contrary to "conventional" wisdom, the magnitude of the deficits is more due to the Bush tax cuts than anything else:
"...Over the past few months, many pundits have obediently placed the onus for rising deficits on "a vast increase in discretionary domestic spending," ...(however) The prime cause of giant budget deficits is a plunge in the federal government's tax take, which fell from 20.9 percent of G.D.P. in fiscal 2000 to a projected 15.7 percent this year, the lowest share since 1950. About 45 percent of this plunge can be attributed to the Bush tax cuts."
I know I've said it before, but What Planet Are These Guys Living On?
 
Shouting into the closet to inform and entertain the 10 people who actually read this thing. In our new format as an online magazine, we take pride in our reporting and opinions. Please leave reader feedback on our online magazine message board so that we can better serve you.

“There’s a lot of money to pay for this that doesn’t have to be U.S. taxpayer money, and it starts with the assets of the Iraqi people…and on a rough recollection, the oil revenues of that country could bring between $50 and $100 billion over the course of the next two or three years…We’re dealing with a country that can really finance its own reconstruction, and relatively soon.” -Paul Wolfowitz

Cost of the War in Iraq
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