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June 11, 2003
CBO estimates $400 billion deficit this year alone
Notice the constant $60 billion a year positive trend during the Clinton administration. From a $255 billion deficit for 1993 to a $236 surplus for 2000. In the first three years of the Bush administration, we have instead witnessed a negative trend of around $210 billion dollars a year, leading up to the current estimate of over $400 billion for 2003. What's more, the downward trend does not look to be slowing down any time soon. I know I've heard Republican political commentators hint that Bush will be pushing for even more tax cuts in 2004, once again funded by record deficit spending. Bush has not only reversed all of the gains made by Bill Clinton - and then some - but is actually losing money three and a half times faster than Clinton earned it! If Bush wins a second term, and the current trend continues, we could have an annual budget deficit of over $1.4 trillion dollars by 2008! The accumulated debt could more than double, from $5.7 trillion in 2000 and $6.2 trillion in 2002 to an economy crushing $11.6 trillion in 2008. (Do the math. 6.2+0.4+0.6+0.8+1.0+1.2+1.4=11.6).
Then again, assuming the economy improves dramatically or Bush cuts enough government spending (which he has not even started to do), and the annual deficit levels off in the $600 billion range, we are still talking about an accumulated national debt of $9.6 trillion dollars in 2008, which is definitely nothing to celebrate. Our annual interest payments would likely be somewhere in the $500 billion range, about as much as we spent on national defense up until now. All of this just in time for the start of the baby boomers' retirements and the collapse of social security.
Now, if I was a radical conservative like Bush looking to make massive cuts in government programs, all while maintaining a compassionate image, unreal deficits like these would sure be one hell of an excuse for implementing some drastic "shock therapy" programs. Perhaps something like the Milton Friedman ideals introduced by necessity to Chile and Bolivia, among others, in the face of uncontrollable deficits and sky rocketing inflation. The huge deficits would also make it impossible for Democrats to suggest new government programs or increases to current ones, without raising taxes to pay for them - which is never a popular idea. Maybe Bush is smarter than I thought. I only misunderstood his motives. He wants to be the next Pinochet!
Posted by Mike at June 11, 2003 08:32 PM
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