Minnesota Liberal

Saturday, February 28, 2004

1+1+1= Big Trouble!

Yesterday, the CBO (Congressional Budget Office) announced that the Bush Administration's 2005 budget will "produce deficits totaling $2.75 trillion over the next decade."

That came one day after Forbes magazine released its "Worlds Richest People" list. In that issue, there is a timely piece entitled "The Rich Get Richer." It explains that "the collective net worth of the world's wealthiest jumped half a trillion dollars in the past year." President Bush is trying spin this into meaning the economy is getting better. This years average household income (about $42,000 a year) will be lower than last years. Why? Cause the average person is not a billionaire and did not get a huge tax cut. If you have 9 guys with $100 each and 1 guy with a million dollars, the 10 guys have an average of $100,090 each. Oh, and there is the whole millions of people unemployed thing.

And for good measure, Federal Reserve Chairman Alan Greenspan announced that we must start cutting Social Security benefits. But as the Star Tribune pointed out, Greenspan didn't mention the fact that Social Security is actually running surpluses right now. That means that the Bush administration, instead of saving this Social Security money for when it will be badly needed by the "baby boomer" generation, is blowing it on their massive budget deficit.