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17 December 2004
The administration has been claiming the budget deficit is (only!)
$413
billion.
But
according to Newsweek
the government (conveniently) omitted some massive new IOUs from the deficit calculation:
$155 billion borrowed from Social Security and $68 billion borrowed from federal civilian and military employee retirement accounts. This brings the actual federal budget deficit to $636 billion Is anyone else but me and a Newsweek reporter pissed about this? Do you realize this deficit is approximately two thirds of a trillion dollars for just one year! The administration claims they favor life for the unborn, but it is precisely the unborn who will have to pay these debts when the Japanese, Chinese and other investors refuse to loan us enough to merely finance the debt. How's this for an image: Imagine Bush kissing a baby while picking its pocket. If we add to these problems Bush's intention to remove |