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01/30/2004 Entry:
The Fine Art of Growng Deficits
Evidently, President George W. Bush believes that deficits are good for the country. Otherwise why would he insist on growing them? When the Medicare Prescription Drug Bill was passed, it was estimated to cost about $400 billion. Now they tell us that it will cost $534 billion, about a third more. Obviously, $534 billion will increase the deficit more than $400 billion. Therefore, the Medicare bill is a lot better than we originally thought.
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Yes, Bush gave the rich guys a tax cut. Several tax cuts. Each raised the deficit a little. Together they grew our deficit at a healthy rate.
But that was not enough. In his state of the union, Bush said that we should make the tax cuts permanent. Let's have the deficit grow at a more healthy rate!
He had introduced the Medicare plan as a way of grabbing the initiative in what is considered to be Democratic territory. But not really. The bill came with a big price tag: $400 billion to grow the deficit. Evidently the deficit is not expected to grow fast enough. So now the cost has been raised to $534 billion.
Do you believe this is the end of deficit growth? Of course, not. We need money for war, for security, for boondoggles. How else can we get the deficit to grow at a truly wholesome rate?
President Bush has the fine art of growing deficits down to a science.
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