Bush tax cuts would drive a $1 trillion deficit
“My tax cut program will stimulate the economy and provide jobs, etc., etc.” according to President Bush. The words “tax cut” sound especially attractive as the April 15 filing deadline nears.
Three of last Friday’s Post Independent “Independent Voices” agreed that a tax cut was needed.
Neither President Bush nor his advisers listened to some expert advice available a few blocks away. The Congressional Budget Office is the nonpartisan in-house source for estimating the actual bottom-line numbers of such proposals.
The president claims that economic growth and deficit reduction would result from his “growth package.” The CBO estimates that the “tax cuts” would mean more than a $1 trillion deficit in the next five years alone: $1,000,000,000,000.
And the CBO used the latest “dynamic scoring” analysis system desired by the administration. That is not an environment for business expansion and job growth.
Tax cuts at a time when we already face a deficit, as well as the unknown costs of a war, of Iraq reconstruction, of humanitarian food, medical, educational aid, etc., are but one part of the picture.
A troop force estimated at at least 250,000 will be needed for several years to prevent the return of the Baath group of Saddam followers who have fled to other countries or who have melted into the population. The United States will pay for most of that.
The Harvard graduate school needs to require a class in “remedial arithmetic” before it awards another “master of business administration” degree like the one to Bush.
Lorenz T. “Marty” Martensen
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