Fiscal Doomsday in the Offing

[w4rma]

By David S. Broder
Sunday, October 5, 2003; Page B07

Maybe all the others are wrong. Maybe those in the Bush administration who claim we can grow our way out of these big budget deficits if we just keep cutting taxes to stimulate the economy know something no one else grasps. But if I had to bet my grandchildren's future prosperity on anyone, I would not bet that way.

I would not be that foolhardy, not when the list of people warning that this nation has embarked on a dangerous and unsustainable fiscal course that will wreck our economy and threaten our international standing includes those who now are frantically signaling us to straighten out our policies before it is too late.

Some members of Congress of both parties have argued for months, if not years, that the lack of spending restraint, coupled with the penchant for ever-larger tax cuts, cannot be allowed to go on. Their cautions have gone unheeded.

Now they are finding credible allies. David Walker, the comptroller general of the United States, is an appointed official with a 15-year term that gives him complete political security. His staff in the General Accounting Office provides the fullest range of information on government finances. Last month, Walker went to the National Press Club to raise a public alarm where he hoped it would be heard. "Our projected budget deficits," he said, "are not manageable without significant changes in status quo programs, policies, processes and operations."
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http://www.washingtonpost.com/wp-dyn/articles/A42232-2003Oct3.html

[lcordero]

1. and boy is he right. Living beyond current means is a very bad idea.

I was lucky enough to deploy to Bosnia in March of 2000. The deployment allowed me to separate from the Active Army without any debt.

[Beetwasher]

2. All Part of the Plan

Only a few people, like Krugman, have the cajones to level those accusations at the admin. They are doing this with malice aforethought.

[Specterx]

3. we're screwed

When the economy hits rock-bottom in a decade and federal taxes (and deficits) are double what they are now, I'm sure the republicans will find a way to blame it on Clinton or Saddam Hussein.

[newyawker99]

4. Hi Spectorx!!

Welcome to DU!! :toast:

[Resistance Is Futile]

5. No tax increases

The people who are doing this have said that the budget will be balanced with spending cuts. The objective is to 'reduce the size of government to the point that it can be drowned in a bathtub.' As a practical matter this means dismantling the entire social safety net from social security to medicare. Cutting all descretionary spending--this includes defense--will not save the amount of money necessary.

[indepat]

6. The sad thing is the minions in Congress will march in lockstep

to the beat of their drummer even if through the gates of economic hell.