| Topic: |
Politics > Politics-USA |
| User: |
"" |
| Date: |
01 Feb 2005 07:54:04 PM |
| Object: |
Georgie, the fiscal magician, shows you how to make money disappear |
Georgie, the fiscal magician, shows you how to make money disappear
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From The Sun Herald, 1/31/05:
http://www.sunherald.com/mld/thesunherald/news/editorial/10775955.htm
Federal fiscal folly
Let's say you're 10 to 15 years away from retiring.
Here's a financial plan you absolutely should not follow:
----- Go from saving to spending so much more than you're taking
in that you're sinking deeper and deeper into debt.
----- In addition, take on a big responsibility that involves a lot of
new spending, the amount and duration of which are open-ended.
----- Make sure your income from now to retirement won't be as high
as it could be.
----- Borrow a big chunk from your retirement plan - cutting the
income you'll be able to depend on once you stop working - so that you
can invest in stocks, with the long-term but very uncertain hope that
you'll offset the certain losses.
Why are we bothering you with this financial foolishness?
To ask if there's really much difference between this obvious folly
and President Bush's fiscal plans for the nation:
-----Spend more than your income:
Mr. Bush has already turned a 10-year federal budget surplus of almost
$5.6 billion projected at the outset of his administration into more
than $1 trillion in accumulated debt so far this decade, an almost $7
billion reversal of fortune - including another record budget deficit
this fiscal year, the Congressional Budget Office announced last week.
-----Take on a new, costly, long-term responsibility:
The open-ended bill from the war in Iraq is one of the main factors
driving this fiscal year's record deficit.
The CBO now says the nation will accumulate more than $1 trillion in
new debt over the next decade, but that projection rises to almost $2
trillion with the likely cost of the Iraq war and the fight against
terrorism.
Scale back income:
Because of Mr. Bush's record tax cuts, federal tax revenues as a share
of the gross domestic product have plummeted and the losses now
account for about half the current budget deficit.
With the likely cost of Iraq and the cost of the president's plan to
make permanent these tax cuts, the CBO says, the projected 10-year
budget deficit leaps to almost $4 trillion.
And that's even without fixing the alternative minimum tax - for which
there are growing pressures - which would take the deficit to more
than $4 trillion.
Borrow to put your retirement savings at market risk:
This is the coup de grace.
The president wants to add $2 trillion in debt to this vat of red ink
to finance the losses to the Social Security system resulting from his
plan to allow workers to divert some of their payroll taxes to private
stock accounts.
Long-term guaranteed benefits would be lower - and only possibly
offset by gains from the risky stock investments.
And all this is taking place 10 to 15 years before baby boomers are
checking out of workplaces in droves and tapping Social Security and
Medicare entitlements.
Mr. Bush's team, of course, is aware of the pending demographic shift,
but how is the administration preparing the nation's books for it?
The president's focus lately has been on making the false case for a
Social Security crisis in 2018, when the system likely will have to
start paying out more than it is taking in by tapping its huge reserve
of Treasury bonds.
There is a big urgent crisis here - at the Treasury, not Social
Security.
And this administration seems intent on doing almost everything
possible to make it worse.
______________________________________________________________
Bush takes care of your money. Now you see it, now you don't.
Harry
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