So why the focus on the problem that does not begin until 2043 and only costs 3 trillion, while we ignore the 20 trillion hole Bush's first term has caused?
Must we pretend Bush's first term was an economic success -
Must the media pretend that it was a success?
http://www.latimes.com/news/nationworld/nation/la-na-ou... WASHINGTON OUTLOOK
Bush's Budget Moves Have Made the Future a Voiceless Victim
Ronald Brownstein
January 10, 2005
It may be difficult to believe, but as the debate on Social Security begins, what Washington needs most is another lobbying group. This one would advocate for the interests of Americans not yet born.<snip>
Over the next 75 years, the best estimate is that Bush's tax cuts will cost from $10 trillion to $12 trillion. The prescription drug bill will cost about $8 trillion. All this comes while bills mount for the global war against terrorism. In essence, we've voted ourselves more services and lower taxes and billed both to our children through a higher national debt that is soaring again after shrinking in the late 1990s.
The combined cost of the tax cut and prescription drug benefit is about five times larger than the projected gap between Social Security's revenue and its promised benefits over the next 75 years. Yet Washington has decided that the Social Security shortfall is the real crisis. So the administration is discussing changes that would sharply reduce guaranteed Social Security benefits for young workers while protecting benefits for those at or near retirement today.
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One economist has calculated that adding that much borrowing to the annual budget deficits already projected could produce a publicly held national debt by 2030 almost as big as the country's gross domestic product. The only time America has left future taxpayers a debt that large was during World War II, when the U.S. fought in the planet's most destructive conflict.
Workers facing higher taxes to pay the crushing interest on the national debt in 2030 might not consider our justification for burying them with bills quite as compelling.<snip>