TBO.com - TBO is Tampa Bay Online

Nation's Record Budget Deficit Cause For Shame And Action

ADVERTISEMENT

The Tampa Tribune

Published: July 30, 2008

A slow economy, a free-spending Congress and an extravagant White House will give the nation its largest budget deficit ever next year - $482 billion.

Worse, much of the cost of fighting the wars in Iraq and Afghanistan is kept off-budget, as if what we don't see right away can't come back to haunt us and our children.

The causes of the fiscal imbalance are no big mystery. We lack the space to list them all, but here are a few recent ones that fit a long pattern of irresponsible spending:

•The farm bill passed earlier this year continued a taxpayer giveaway to profitable corporations and wealthy farmers who make far more than the average taxpayer.

•The housing bill just passed tries to revive the housing market by throwing handfuls of money at it. Among other things, it will give $7,500 of your cash to couples making up to $150,000 a year when they buy their first home.

•The economic stimulus checks mailed earlier this summer added to the deficit, says the director of the Office of Management and Budget, "in order to get money into people's hands..."

It did that by taking money out of the hands of future consumers.

The budget deficit doesn't look so bad when counted as a percentage of the total economy, White House spokesmen say. But everyone knows we can't keep adding to our debt and never pay any back without eventually going bust.

That's why President Bush insists he is keeping the nation on track to balance the budget by 2012. It might happen with fast growth, low inflation, dormant terrorists, a baby-boom generation that decides not to retire, and a thrifty Congress.

Because not a single one of those can be counted on to occur, Congress should pass a law requiring the president to begin each State of the Union Address with a clear, current accounting of the nation's financial health.

Next year's speech would have to begin something like this: "We're spending $500 billion more than we're making this year. That has caused interest rates to go up and living standards to fall. Shame on us."

Share this:

Loading Comments...

Email Print

ADVERTISEMENT