And this today from the New York Times editorial page on Bush's budget proposal....
"The Importance of Being Earnest"
"For all its talk of deficit reduction, President Bush's 2006 budget is a map of reckless economic policies and shows how they have backed the United States into a precarious position in the global financial markets.
Mr. Bush needs to convince foreign investors that he's serious about cutting the budget deficit....
It's not hard to see what brought the United States to this juncture. Mr. Bush's first-term tax cuts were too expensive and too skewed toward top earners to work as effective, self-correcting economic stimulus. Instead, predictably, they've driven the nation deep into the red. Having reduced tax revenue to a share of the economy not seen since 1959, the cuts are a huge factor in the swing from a budget surplus to a $412 billion deficit....
Lately, Mr. Bush has been talking the deficit reduction talk, but there's no sign that he is willing to walk the walk. In his 2006 budget, he pledges to slash spending, but largely in areas that would have only a small impact on the deficit and where cuts would be politically difficult, not to mention cruel, such as food stamps, veterans' medical care, child care and low-income housing.
Oh, yes. Mr. Bush also wants to borrow some $4.5 trillion over two decades to privatize Social Security, which is a bad idea even without the borrowing and a horrendous one with it....
The global financial community won't be fooled....
Congress can avert this crisis-in-waiting by forcing Mr. Bush to be serious about deficit reduction. The first-term tax cuts should be allowed to lapse. Cuts that are not yet in effect should not be allowed to begin. And no new programs should be started that require megaborrowing. If the president doesn't see that he has more important tasks than cutting taxes for the rich and undermining Social Security, Congress should set him straight.
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