MSNBC: "Analysts say outlook for Bush plan bleak"

Analysts say outlook for Bush plan bleak
Too much deficit, not enough revenue, they say
By Jonathan Weisman, Updated: 5:43 a.m. ET Nov. 5, 2004

http://www.msnbc.msn.com/id/6411613/

WASHINGTON - President Bush signaled yesterday that he would add personal investment accounts to the Social Security system, simplify the tax code without raising taxes and cut the budget deficit in half, all before he leaves office in 2009. Ambitious as those promises are, they may be mathematically impossible, budget and policy analysts say.

"It doesn't seem like we're going to see any tightness in U.S. budget policy anytime soon," said Rebecca Patterson, senior currency strategist at Wall Street giant JPMorgan Chase.

Bush pledged early this year to halve the deficit in five years, a promise he renewed yesterday. "I would suggest look at our budget that we've submitted to Congress, which does, in fact, get the deficit down, cut in half in five years," Bush said.

But in an independent analysis of that budget, the nonpartisan Congressional Budget Office concluded it would not fulfill that promise. The deficit in fiscal 2004, which ended Sept. 30, was $413 billion. Under Bush's plan for spending and taxes, the deficit would be $258 billion in 2009. If anything, that may understate the size of the deficit in coming years because it does not include any additional costs for the wars in Iraq and Afghanistan. The Pentagon is expected to seek an additional $70 billion early next year.

:shrug: :(

http://www.presidentialprayerteam.com/

They're so proud that they have millions praying for this President. Perhaps they should be praying for the deficit to go away all by itself, too!

what a complete idiot!!!!!!!!!

want to go back to surpluses does he.

If it was Bush, STFU.

...those who voted for Bush are still on the honeymoon.

Eventually, they will realize that they ASKED for it, and they GOT it.

The FAMOUS Edward G. Robinson line from "The Ten Commandments"...

"Where's your messiah NOW?"

:toast:

never realize that it was their support that allowed it to happen. They will blame someone or something else.

"They will blame someone or something else." No wonder they admire him so.

own.

Why,oh Why? I'm not sure how I feel about the possibility of rampant fraud handing this election to this imbecile, but for our country's sake, I certainly HOPE it was fraud, and not that many people actually voting for this asshole.

some of these news stations would have acknowledged that Bush's plans haven't worked & won't work during the campaign, instead of being so damned biased through the entire thing. Too little too late now. The media sucks.

Even realistic good news leads posters to come to the same conclusions. Like many repukes, we have a faith-based attitude to reality. Except unlike the repukes, they are certain we're going to lose.

if so, then I agree with you.

This election represents an opportunity. That's how we need to look at it. Stop wringing our hands.

The Republican coalition can't survive the enaction of Bush's agenda.
This election has shown the weakness of Rove's strategy, not the strength. Rove (Bush) had to rely on a large group of voters whose faith based political belief systems are based in a disconnect with the fundamental realities of the world. And sooner or later reality trumps faith.

Hopefully the Democrats (with, some moderate Republican help) can prevent the passage of Bush's more radical agenda. The majority of Americans think the country is headed in the wrong direction - and there's nothing in Bush's first term to convince me he understands how to change. The lousy economy, Iraq, the deficit, other looming foreign policy crises - these things aren't going away. And we can be certain Bush will continue to fuck things up, creating even more problems.

Spending our way into financial oblivion. Thanks george w. fuckhead.

Nobody seems to be on our side. So MSNBC can complain now, but Bush attained and kept this job in part because of them. So fuck them.

Step by step...

1. Bust the budget on Defense and local pork. Done.

2. Say Social Security is threatened by lack of funds. Done.

3. Raise Social Security payments/raise retirement age/reduce benefits to save/raise money. In progress.

4. Use savings/new money from Social Security to make the debt look smaller.

5. Repeat from beginning.

In 1982, Ronald Reagan instituted the largest tax increase of all time, by raising Social Security rates. IF that money had gone into the Social Security fund, then Social Security would be secure forever. It was spent on pork instead.
In 1993, Bill Clinton raised taxes on everyone, and used the money to pay down the deficit. If the deficit was under control, Social Security would be secure for years.
In 2001, George W. Bush used the surplus to institute a giant tax cut for his rich buddies, thereby putting Social Security back in danger. His solution is to change Social Security. ANY CHANGES HE INSTITUTES WILL NOT BE USED TO SAVE SOCIAL SECURITY, BUT RATHER USED TO EITHER GIVE HIS WEALTHY CRONIES MORE MONEY OR TO MAKE THE DEFICIT HE CREATED LOOK SMALLER.

Fuck them, we paid into Social Security, it is not an entitlement we are begging for it is a program we paid for IN ADVANCE. If it goes away, it will become the greatest theft of all time.

He PROMISES that everyone currently receiving benefits will NOT be affected (now note that he NEVER said he would continue COLAs)

He wants people under 45 to divert 2 % of the 7.65 % FICA tax into private accounts. He also wants employers to have a permanent tax cut to 5.65% Remember an employer matches what an employee contributes so that is totally 4% of 15.3% Now do the math, that is a 26% reduction of taxes going to pay for benefits, not 2% as liars like Chris Matthews always repeat. There's a big difference between 26% and 2% but Blondie doesn't care.

Now, if you cut the revenue stream by 26%, WHERE will the money come from for those already receiving benefits. Oh, silly me, I know. They'll just run the presses and let the deficit run wild.

And don't forget the added bonus that Bush PROMISES those investing in the accouts will receive the SAME AMOUNT as they would have gotten under the old system. Oh, and then those new user fees come into play, you know, the stockbrokers get a commission, the fund managers get a commission and then they invest your funds in the next big ENRON or WORLD COM, hey, when your account is wiped out, too bad, Wall Street steals from you legally. Well, there's always the church to go to to beg for help, you lucky Christians!

Oh, I forgot, the assholes at the PRESIDENTIAL PRAYER TEAM will pray the deficit away.

will be with us.