the Sugar Conspiracy

Thursday, May 29, 2003

It gets worse

While Bush signed his recent tax cut bill into law, two other very significant incidents occured (without so much fanfare) behind the opaque curtain of the White House.

First, the president quietly signed a bill on Friday, immediately after the tax-cut bill was passed, allowing a record $984 billion increase in the amount the federal government can borrow. This was necessary, you see, so that the government can actually pay for all these tax cuts they're giving the american public, aka "the wealthy".

Second, the Financial Times reports that the Bush administration shelved a Treasury report that shows the US currently faces a future of chronic federal budget deficits totalling at least $44,200 BILLION.

The study, the most comprehensive assessment of how the US government is at risk of being overwhelmed by the "baby boom" generation's future healthcare and retirement costs, was commissioned by then-Treasury secretary Paul O'Neill.

But the Bush administration chose to keep the findings out of the annual budget report for fiscal year 2004, published in February, as the White House campaigned for a tax-cut package that critics claim will expand future deficits.

Interesting how everything worked out, isn't it?

From Tom Tomorrow.

posted by chris at 1:40 PM
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