Thursday, July 14, 2005

Hold the champagne

"If there were any time in modern history when the budget should be running surpluses - not just slightly smaller deficits - it is now. The baby-boom generation is at the peak of its earnings. It is paying taxes on its income while pouring money into the Social Security and Medicare trust funds."

"Other than his call for necessary reductions in Social Security spending, his policies can only be called myopic. He inherited a budget surplus that became a record deficit. His increases in government spending, combined with lavish tax cuts for the wealthy, have helped stimulate the economy in the short term, but they have only exacerbated the severe budget problems his successors will face."

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