Friday, February 27, 2004

Re: Oh, the outrage

The Post has a great editorial on the issue. They disagree with Greenspan's assertion that the tax cuts should be made permanent, but commend his efforts to bring the issue of social security's long-term solvency into the national discussion. They also scold the President and his opponents for blowing off Greenspan's concerns. The Post concludes: "But at least Mr. Greenspan -- unlike the president and his allies -- acknowledges the need for trade-offs. Mr. Bush won't admit that something's got to give; his Democratic rivals seem determined to compete in fiscal dishonesty. And they all pretend to offer leadership."

As to the prospects of Kerry and his Clintonistas fixing the deficit, I'm considerably less than optimistic. There were three basic reasons why Clinton was able to balance the budget. 1) A substantial tax hike (which Kerry won't do), 2) a substantial reduction in military spending (which Kerry won't do), 3) the dot-com boom (which won't happen again). I fail to see any way that Kerry can either cut spending or increase revenue enough to even dent the deficit.

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