Bush has released his budget request for fiscal year 2009. The Federal Fiscal Year (FFY) runs from October 1st to September 30th. As predicted, his budget is for $3.1 trillion and he projects it will leave a deficit of more than $400 billion in both fiscal years. This budget represents the most irresponsible spending since Ronald Reagan and even surpasses that.
The budget is filled with rosy projections about economic growth. Projections that probably won't come to pass given the current economic situation. But, it's these rosy projections that allows him to increase the spending so dramatically. So, the projected $400 billion deficit is a low estimate. If the economy doesn't do well, it'll be higher. And there are other things that'll increase the deficit.
In prior years Bush didn't include the costs for the occupations of Iraq and Afghanistan. He gets that funding through "supplementals." This year he used a technique called a "plug." This is an estimated amount for the occupations, but of course the actual amount will be determined by Congress. His budget has a $70 billion "plug." However, this year the spending for the occupations will be $196 billion. Therefore, the plug is at least $100 billion short, meaning the deficit will be at least another $100 billion. In this way he can say his budget was balanced and it was Congress that overspent and drove up the deficit. I guess he thinks we, the people, won't notice.
In addition there's the problem with the Alternative Minimum Tax (AMT) which everyone knows needs to be fixed. If it is fixed, revenues will decrease significantly. You don't hear Bush screaming to fix it because it primarily effects middle-class Americans. He only screams about reducing taxes for rich people and corporations. Anyway, this will further increase the deficit.
In order to get all his money for the military he has huge cutbacks or freezes for most domestic programs, including Medicare and Medicaid and his so-called "priority" -- education. This IS the plan and has been all along. You create a "war," funnel tax dollars through to your cronies in the military-industrial complex, cut their taxes, and then, when there is no money left, cut domestic spending, which primarily benefits the middle and lower classes. And let's be clear about his so-called tax cuts. They are not "cuts" at all. They are deferments. Somewhere along the line the debt will have to be paid and it'll have to come from somewhere. So, taxes may be cut today but they'll be increased sometime in the future. They are "deferred" from today to tomorrow.
When Bush was appointed to the White House, the federal debt was $4 trillion. It will be $9.7 trillion by the time he leaves. Anyone think that John McCain will do anything to change this scenario? Anyone believe than any Republican will do anything to change things? After all, it was the Republican-controlled Congress that helped Bush create this mess.
The upcoming election isn't real important if you're over 80 years old and have no children or grandchildren. You'll be dead long before the pigeons come home to roost. If you're younger, have children or grandchildren, you'd better be frightened. Very frightened. And you'd better do something.