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January 26, 2005

Lies, Damn Lies and Bush Budgets

With the $80 billion for Iraq requested by Bush, the deficit this coming year will grow to $427 billion-- hardly moving Bush towards his stated promise of cutting the deficit in half.

But even that number doesn't account for any of Bush's main initiatives. To round out a few items that would bust the budget:

  • Partial privatization of social security will cost an additional $1 trillion to $2 trillion over the next two decades.
  • Iraq and Afghanistan will likely have a price tag over the next 10 years of nearly $600 billion.
  • Making Bush's tax cuts permanent will add $1.8 trillion over 10 years.
  • Preventing the Alternative Minimum Tax from expanding to include more taxpayers would cost about $500 billion.

    Max has good analysis of the parallel Congressional Budget Office deficit projections, but the bottom line is that Bush's fiscal policy is a train wreck.

    Posted by Nathan at January 26, 2005 07:11 AM