July 7, 2004

by Reb Yudel
Memories of the Ford Administration

You love Rummy and Cheney, but does Bush have another Ford-era skeleton lurking in his closet? Michael Kinsley recounts the fiscal legacy of Dubya:
The plan was: a $400 billion federal budget surplus this year and a national debt of $2.1 trillion heading rapidly to zero. That was the plan back in January 2001, when President Bush took office.

And not just the plan: That was the official prediction of the nonpartisan Congressional Budget Office.

Now we have a new plan. Instead of a $400 billion surplus, President Bush's budget calls for a $500 billion deficit. The national debt is $4.4 trillion and headed to more than $6 trillion over the next 10 years, according to the CBO.

Interest on that debt will cost $156 billion this year.

Bush says he'll cut the deficit in half in four years. The deficit, not the debt. It's a remarkably modest brag. And even so, almost nobody believes him.

So what to do? Well, if Bush wins in November, dust off your WIN buttons, because inflation is coming down the pike.... TrackBack