All the Spin That’s Fit to Print
All the Spin That’s Fit to Print
Check out this “reporting” in today’s New York Times article on our record deficit for next year:
The biggest fiscal problem confronting Mr. Bush is that more than 80 percent of the $2.3 trillion federal budget is currently off-limits for cutting.
This isn’t reporting; this is the spin pushed by right-wing ideologues like Judd Gregg (R-NH) and Jim Nussel (R-IA), who are trying to use the administration’s reckless fiscal policies as an excuse to cut Social Security and Medicaid benefits. In reality, Bush’s biggest problem regarding the deficit is that he is unwilling to give up his 2001 and 2003 tax cuts. As the NYT’s own chart illustrates, even assuming continued war spending, the government will begin to run a small surplus in six to seven years if we let go of the tax cuts. But with the tax cuts, the budget will be deep in red ink indefinitely.
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Uhhhh. Succintness is good in a blog, but you need to explain how you get “a small surplus” out of the chart you reference which shows a ~$2T deficit.
I assume by “let go of the tax cuts” you mean “immediately repeal the tax cuts,” but you need to say that and give a figure for what that would mean “in six to seven years” for the fiscal picture, because that information is not “illustrate[d]” by “the NYT’s own chart.”
February 1st, 2005 at 9:40 pmHey, Gideon,
The chart shows the “cumulative deficit.” That is to say, the number on the chart for the year 2011 is the sum of the annual deficits between 2004 and 2011.
Since the second line on the chart shows the cumulative deficit beginning to decline after 2011 if the tax cuts are repealed but war spending continues, then the annual deficit for 2012 must be negative. In other words, the CBO projects that the U.S. government would be back in surplus by 2012 if the tax cuts were repealed “on schedule,” which means beginning in 2011 and continuing thereafter. When Judd wrote “let go of the tax cuts” he meant “let them expire according to current law,” not “immediately repeal the tax cuts.” In other words, he meant what would have certainly happened under any Democratic president, by the simple expedient of vetoing any Congressional attempt to make the cuts permanent.
I hope that was clear. The CBO’s use of cumulative rather than annual deficits is the cause of the confusion.
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