How to cook up a fiscal disaster, by George W. Bush

 

By Henri D. Kahn

 

“If Bush's tax cuts are made permanent, the revenue loss will exceed $3.3 trillion (1.7 percent of gross domestic product) over the period 2001 to 2014. The net budget loss (including higher debt service payments due to increases in federal debt) would be almost $4.5 trillion (2.3 percent of gross national product).”

Further, “even if the tax cuts are not made permanent, the federal government still faces significant deficits over the next ten years.”

This from a report from the Brookings Institution, one of Washington 's most respected, independent nonpartisan think tanks.

Now just who do you think is going to pay for all this incredible debt.

Why, the federal government is going to make all those loan payments, right?

Of course, but where is the federal government gonna get the money? Three guesses, and the first two don't count: from you, me, “every dern one of us!” Get it? You savvy?

What, then, may happen? The following scenarios are from Martin D. Weiss. Ph.D., editor of Safe Money Report and chairman of Weiss Ratings, Inc.

Scenario A. Either Bush or Kerry does everything in his power to (a) keep his promises, (b) artificially stimulate the economy, and (c) ignore the deficits for as long as possible.

Result. Future generations will be forced to pay the price with decades of rising inflation, high interest rates, stumbling stock markets, and chronic unemployment. Long-term recovery will be deferred to some time in the future.

Scenario B. Due to powerful market pressures, Bush or Kerry is forced to back off from fiscal monetary stimulus. Allows the economy to sink back into a mild recession in order to reduce the deficit.

Result. Present generations pay the price and make the sacrifices. The stock market goes through another crash and jobs get scarce for a few years. This will put us on a path toward real, lasting recovery.

Let's hope Scenario B happens, because if it does, we will achieve fiscal responsibility, leaving a legacy of stability and promise for our children and grandchildren.

I don't know exactly who will be our President for the next four-year term, but I will tell you this:

Bill Clinton, like him or not, left his presidency with a trillion dollar surplus, and George W. Bush has led us into a multi-trillion dollar deficit by spending billions of dollars on “his war,” instigating tax cuts that have benefited the wealthy and virtually ignored the working class, continues to encourage outsourcing of all types of manufacturing and service work, thereby adding to the jobless problem.

 

The Draft

This country's military is spread throughout the world. Unfortunately, the Iraqi disaster will require more troops to effectively control a passage to independence for the Iraqis.

National Guard and Reserve members are being recycled over and over, and a “back door draft” is forcing people to reenlist.

Our volunteer army is made up primarily of young men and women from inner cities and small towns who are having problems finding a job and want a chance to earn a living, meager as it is, plus an opportunity to get an education.

Sacrifices for this country should be shared by all regardless of financial or education status.

Bush and Kerry say “no draft.” I believe we should initiate mandatory military service for our country. Sophisticated weapons may not require a large number of troops to function, but troops are definitely needed to occupy a country until peace is achieved.

To make sure a draft is fair, deferments should be as hard to obtain as relief from jury duty.

If George W. Bush happens to win the election, we will continue to have a country divided, fraught with economic problems and a policy of isolationism governed by a fake, a joke, and an omen of ill fortune.

We really need a change, folks!