Budget Bull

The right is so wrong when it comes to claims made over the last couple of years regarding the budget deficit and the value of bonehead Bush's tax cuts. They claim over and over again that the tax cuts worked perfectly to reduce the deficit, but the reality is that if you factor in war expenses, which have been tacked on outside of the budget process as earmarks; the entire amount of which has been borrowed from foreign governments, then the real "deficit" is climbing at an unprecedented rate.

When comparing budget deficits from last year to this year, the deficit has indeed been reduced by 48 billion. However, when you factor in the long-term costs, alternative minimum tax changes, and other costs that will hit in the future, the real story is more evident. (see "War Costs Extend Budget Deficit Gap")

War costs for this year alone are expected to top 600 billion-all borrowed and passed down to future generations as debt that must be paid. If this is good fiscal policy, then I've just sold some great swamp-land in Florida and made a small fortune!