Warming Up For The Big One
Ever get the feeling that you are about to be taken by a used car dealer? Well look out here comes a foretaste of things to come! The Bush Budget is in the display room now. And he and his salesmen are out there glad-handing! They'll make a big hullabaloo about this hot baby'll cure you of the midlife blues, when the only time you'll get to drive it, is when it's not in the shop, costing you an arm and a leg! Meanwhile Honest George is dialing back the odometer!
He wants to take away money from first responders, you know the folks who are there to save your life in an emergency. Hundreds of them died on September 11, 2001 saving the lives of civilians. National security? If every locale had a decently equipped fire service, police force, ambulance, and trauma service half the battle for Homeland Security would be won.
According to the Minneapolis Star-Tribune: "On Monday, President Bush sent Congress the most austere federal budget in perhaps 30 years, a plan that would slash aid to cities by one-third, eliminate health insurance for thousands of low-income families, reduce veterans' medical benefits, cut funding for city cops and county sheriffs, wipe out child care subsidies for 300,000 families, trim funding for clean water and soil conservation and shutter dozens of programs for preschool children and at-risk youth.
These are not the priorities that Americans voted for in 2000 and 2004."
But this budget gives a very good indication of Dubya Bush's priorities.
Bush's Budget simply means that he is once again asking us to pull his chestnuts out of the fire, when he was the one who put them there.
In January 2001 the Congressional Budget Office reported a budget surplus of $32 billion.
Even when business was slow the CBO could still say:
"With an apparent slowing of the economy, tax receipts grew at a slower rate in the first quarter of fiscal year 2001 than they did over the previous year. Nevertheless, by the CBO's estimate, the deficit for the first quarter of 2001 was about $17 billion less than the deficit for the same quarter last year. CBO will issue updated budget projections for 2001 and the following 10 years at the end of January."
And it projected this for the end of 2001:
"CBO estimates that the total surplus in the first five months of fiscal year 2001 was about $27 billion. In the same period last year, the surplus was a negligible $0.1 billion. In the absence of legislation that would affect spending or revenues this year, CBO expects the surplus to reach $281 billion by the end of the fiscal year."
Since 2001 Bush had tax cuts of $1.85 trillion over 10 years according Bloomberg.com.
Now with the help of the CBO let’s see how the surplus-deficit situation fared in 2001:
January 2001
“The Treasury reported a deficit of $23.7 billion in November, about $1 billion less than CBO had projected on the basis of the Daily Treasury Statements. Outlays were about $2 billion less than CBO had estimated, but revenues were also a bit lower.”
January 2002
“The Treasury reported a deficit of $54.3 billion in November, about the same as CBO's projection based on the Daily Treasury Statements. Both revenues and outlays were slightly higher than CBO had anticipated.”
January 2003
“The Treasury reported a deficit of $59 billion in November, about $1 billion less than CBO's projection based on the Daily Treasury Statements. While revenues were the same as CBO anticipated, outlays were about $1 billion lower than expected.”
January 2004
“The Treasury reported a deficit of $43 billion in November 2003, about $1 billion less than CBO's projection based on the Daily Treasury Statements. Although revenues were the same as CBO anticipated, outlays were about $1 billion lower than expected.”
January 2005
“The Treasury reported a deficit of $58 billion in November 2004, about $1 billion more than CBO's projection based on the Daily Treasury Statements. Although revenues were about the same as CBO anticipated, outlays were about $1 billion more than expected.”*
From a deficit of $23.7 billion in January of 2001 to a deficit of January 2005 the deficit of $58 billion
By the way doesn’t that deficit include $80 million for Iraq? An unnecessary war? And what about that model of ineptitude and inefficiency the Homeland Security Department?
And so Bush has sunk us into this mess. But again The Boy In The Bubble expects us all to pull his fat out of the fire for him. Just like when he slid on the DUI charge, and on being AWOL.
But guess what? Iraq won’t appear on the budget because Bush doesn’t want us see it yet. He knows the bill’s coming due, and it’s a whopper!
And of course he didn’t bother to mention the kind of money we would need to borrow for Bush’s Social Security Edsel.
According to Cheney’s Favorite Website
“The administration projects it will borrow $754 billion (including interest) through 2015 to finance the initial phase-in of the accounts, and much more thereafter. The liberal Center on Budget and Policy Priorities -- which opposes Bush's proposal -- projected that $4.5 trillion (with a "t") would be required to finance the first 20 years of the accounts after they start to be phased in in 2009.”
Oh, but Americans will make out fine, SOME Americans anyway. Bush will take care of his friends. Cheney, Rove and DeLay will take care of theirs. The bush tax cuts are to be made permanent at a cost of $53 billion for the next five years, and $1.1 trillion to 2015. And there are supposed to be more tax cuts worth $23 billion in the next five years and $117 billion to 2015.
The total CBO deficit as projected in September 2004 shows that they expect the deficit in 2015 will be $2,294 billion.
Justice would have to cut two programs to help localities hire more police officers. Hey they saved $635 million!
Education would end 48 programs including one promoting drug – free schools worth $441 million. Another program reducing alchohol abuse among students that would spend $33 million this year.
EPA would be cut by $500 million.
Of course pet projects would be looked after. NASA would get $400 million, bringing it’s lettuce up to $16.5 billion. Hey, after all if Bush gets his way with Social Security, we’ll all want to go to Mars!
The CBO weighs in with some interesting news about Homeland Security:
“Because of the nation’s continuing concern about homeland security, the Administration has identified the spending that it considers related to such activities, and CBO follows the Administration’s classification. Net discretionary budget authority for homeland security is estimated to total about $36 billion this year—$9 billion for defense and $27 billion for nondefense programs.”
Their projections for 2015 are: Authority for $422 billion, outlays of $418 billion.
In the end the only thing that could say up how I feel about this budget, and the man trying to sell can best be summed up by this from John Kerry:
"Only in Washington would anyone call this budget fiscally responsible. Every American family has to live within their means. Their government should, too. Yet with this budget, the Bush administration has succeeded in reaching new lows of fiscal irresponsibility while slashing and eliminating investments that help America's communities. This budget takes cops off the street, hurts veterans, and punishes school children while saddling future generations with record budget deficits and mountains of debt.”
Buyer beware. And if anyone still feels like driving Dubya’s lemon off the lot, wait ‘ll yah see what else he’s gonna sell yah!
Minneapolis Star Tribune - Mean, not lean/Bush's abysmal budget
Highlights of the FY 2002 Budget Agreement
The Washington Times Bush's tax cuts add up to zero
Responsible Wealth
Bloomberg.com
CBO MONTHLY BUDGET REVIEW
Fiscal Year 2002
A Congressional Budget Office Analysis
CBO MONTHLY BUDGET REVIEW
Fiscal Year 2001
A Congressional Budget Office Analysis
CBO MONTHLY BUDGET REVIEW
Fiscal Year 2001
A Congressional Budget Office Analysis
CBO's Current Budget Projections
John Kerry.com
Factcheck.org - Bush's State of the Union: Social Security "Bankruptcy?"
* Congressional Budget Office
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