Bush: "A Phoney Budget"

"If President Bush's proposed federal budget for fiscal year 2006 were a college term paper, he might very well receive an "A" -- not in an economics class, of course, but perhaps in creative writing.

"Specifically, the President's claim to be tackling the record budget deficit seems delusional, since his blueprint excludes: spending for the wars in Iraq and Afghanistan (a special appropriation of probably at least $80 billion next year); the initial costs of his Social Security plan (almost $800 billion by 2019 and trillions thereafter), and the cost of realigning the federal alternative minimum tax (more than $500 billion, mostly after 2009).

"One problem, of course, is that terrorism (recently expanded to tyranny), Social Security and tax reform are at the top of Mr. Bush's agenda. Thus, his budget does not address, or fund, his own priorities.

"The good news is that the President at least recognizes that the deficit is soaring and finally seems aware that the mounting level of national debt carries serious consequences. . . ."
CourierJournal, Louisville, Ky editorial, Feb 9.

http://www.courier-journal.com/apps/pbcs.dll/article?AID=/20050209/OPINION01/502090396