From today’s Krugman, with no comment needed from me: “Whether pretending that the war on terror — not tax cuts, which have cost the Treasury three times as much — is responsible for record deficits, or that those hugely elitist tax cuts are targeted on working families, or that opening up wilderness areas to loggers is a fire-prevention plan, Mr. Bush has taken misrepresentation of his own policies to a level never before seen in America.”
From Report: Social Security Deficit to Boom: “By 2018, taxes paid into Social Security will be insufficient to cover promised benefits. The government also must find a way to pay back the billions of Social Security dollars it has spent and now owes the system. Assuming it can find the money, those funds will be depleted in 2042.”
Contrast that to Bush Team Touts Positive Economic Signs: “President Bush’s economic team traveled through America’s heartland Tuesday seeking to dispel gloom with a forecast that the U.S. economy is poised to come roaring back, aided by the president’s tax cut package. However, even as the Cabinet officials were delivering that optimistic assessment, The Conference Board in New York reported that consumer confidence took a sharp tumble in July as Americans reacted with nervousness to the unemployment rate’s hitting a 9-year high of 6.4 percent in June… All the attention highlights the administration’s concerns that Bush could be vulnerable to Democratic charges that his three successive tax cuts, totaling more than $1.8 trillion through 2011, have driven the budget deficit to record levels while doing little to help the economy.”
BillSaysThis 