Friday, November 5, 2004

Bankruptcy

[. . .]

For his second term, Bush envisions reshaping Social Security so workers can use some taxes they pay to support the system to create personal savings accounts. He has not advanced details or cost estimates, but some analysts have estimated the 10-year price tag at between $1 trillion and $2 trillion.

Bush wants to make 2001 and 2003 tax cuts permanent they will otherwise expire by this decade's end at a roughly $1 trillion price tag. He said Thursday he wants to simplify the tax system at no net cost, but in the past such exercises have often resulted in tax cuts as part of the drive to get lawmakers' votes.

It is hard to estimate the long-term costs of the Iraq and Afghanistan wars, but this year's expenses alone may approach $100 billion. Domestic security costs several tens of billions annually, while his initiatives for education and foreign aid are relatively small, just a few billion a year. [my emphasis]

[. . .]


From ABC News.

That's it, bankrupt us and turn future generations into ignorant morons. Half the population qualifies already. Fucking insane.

Update: 05:10:

More bad news from Josh Marshall:

The dollar continued its decline in global currency markets yesterday, intensifying worries among some economists that mounting U.S. budget and trade deficits could send the U.S. currency into a tailspin.

But John B. Taylor, the Treasury undersecretary for international affairs, defended the Bush administration view that the deficits pose no danger of a dollar collapse. He issued a detailed rebuttal of what he called "scare stories."

The dollar fell yesterday to within a fraction of a cent of its all-time low against the euro of $1.2930 , trading as low as $1.2898 before rallying slightly to close at $1.2867. It fell modestly against the Japanese yen, and continued a sharp slide against the Canadian dollar, which rose to 83 U.S. cents yesterday for the first time in 12 years.

[. . .]


Update: 06:00:

From WTF:

The Bush misadministration announced Wednesday that it will run out of maneuvering room to manage the government's massive borrowing needs in two weeks, putting more pressure on Congress to raise the debt ceiling when it convenes for a special post-election session.