Thursday, March 10, 2005
- "I want to take one-half of the surplus and dedicate it to Social Security. One-quarter of the surplus for important projects, and I want to send one-quarter of the surplus back to the people who pay the bills."
George W. Bush
October 3, 2000
It appears as if the steward of our country is running us into the ground.
- The federal government ran a record monthly deficit of $113.9 billion in February, a sizable worsening of the budget picture compared to a rare surplus recorded in January, the Treasury Department reported Thursday.
But not to worry, there is some good news.
- However, even with the February deficit, the red ink for the first five months of the budget year is running 2.2 percent below the red ink for the same period a year ago. The total deficit from October through February this year was $223.4 billion compared to $228.5 billion for the previous period.
Phew! That $5.1 billion is going to make a huge difference. It's a whole 2.2%! Hey, let's put it into social security. Oh wait, it's not really money that we're saving, it's just money that we don't have to borrow from China. Never mind.
- Federal Reserve Chairman Alan Greenspan said Thursday that future budget deficits pose a bigger risk to the economy than record trade imbalances and the country's extremely low savings rate.
The Fed chief said the budget deficit is a problem because it is projected to rise significantly as a wave of baby boomers start to retire in 2008.
"Our fiscal prospects are, in my judgment, a significant obstacle to long-term stability," Greenspan said.
See, even Georgieboy's lapdogs get it. Why doesn't he?