IHT
The New York Times Wednesday, February 9, 2005
President George W. Bush's latest deficit-steeped budget, for all its tough talk of reining in spending, stands out as a monument to misplaced political capital. It would take some hard work, indeed, to get Congress to face up to the binge of deficit spending that is haunting the United States and future generations of taxpayers. Yet Bush is not going to face the music. Instead, he's investing his precious re-election clout in pushing a wildly expensive plan to divert some Social Security payments to private accounts, a step that would not even address the long-term financial problems with the current system. His proposed budget, meanwhile, is a picture of reduced revenue and swollen pockets of hidden spending. The lip service about draconian clampdowns will hardly solve the problem, particularly in the eyes of the international markets that are studying the administration for signs of commitment to closing the budget deficit.
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Bush is right to call for a healthy analysis of government programs to determine which ones cost more than they are worth. But the reductions he proposes for the biggest targets are timid ones.
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To his credit, for instance, Bush is asking for a reduction in farm and commodity programs. But his proposed cut of 5 percent - should it somehow survive in a Congress that has never shown signs of being willing to stand up to agribusiness - would hardly end that bloated giveaway. It offers little help for family farmers struggling to deal with the out-of-whack economics of an agricultural system that is distorted by monster subsidies to corporate farmers, or for poor farmers in the developing world who are hobbled by artificially cheap American exports.
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While the Pentagon budget continues to boom, Bush has at least called for paring back some of the more unnecessary weapons programs from the cold war. But even if he manages to get the cuts past the arms industry's congressional protectors, slowing weapons programs is never enough. History shows that these programs will be back to eat up tax dollars another day if Bush fails to kill off the contracts that feed them.
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http://www.iht.com/articles/2005/02/08/opinion/edbudget.html