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Republican budget projections are truthful

Republican projections

  • assume that the tax cuts enacted in 2001 will expire at the end of 2010.
  • assume that discretionary spending, the part of the budget that pays for national defense, domestic security, education and transportation, will shrink continuously as a share of the economy.
  • do not include the costs of war and reconstruction in Iraq.
  • ignore the inevitable need to reform the alternative minimum tax, which is not indexed for inflation and will apply to some 40 million households within 10 years up from two million today.
  • include spending the Social Security surplus on the on-going budget rather than setting it aside for the imminent retirement of the Baby Boom generation.
  • Verify these facts by reading the April 9, 2003 NY Times article by former senators Bob Kerrey, Sam Nunn and Warren B. Rudman. Former cabinet secretaries Peter G. Peterson and Robert E. Rubin and former chairman of the Federal Reserve Paul A. Volcker. All are members of the Concord Coalition, a group that focuses on federal budget policy. Or check out the Congressional Budget Office, White House Office of Budget Management or Government Accounting Office Web sites.

    This tax cut could hurt us too by the director of the Institute for International Economics.

    What Bush left out of the annual budget report for fiscal year 2004. Read this May 29,2003 article by Financial Times.

    See Institute for International Economics
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