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THE FEDERAL DEFICIT PUTS AMERICA'S PROSPERITY AT RISK

The ballooning Federal budget deficit is a debt that must be paid back, with interest, by future generations. In addition, the deficit risks the viability of our economic recovery, and will eventually raise the cost of borrowing additional funds. The volume of outstanding U.S. Treasury debt obligations gives foreign debtholders too much control over the American economy and also would make it very difficult to borrow more funds to fight a war that may actually be necessary.




EXCEPT FOR THE MILITARY, OF COURSE

Nothing annoys me more (well, almost nothing) than a Republican starting a discussion about budget cuts by saying: “Everything must be on the table, except for the military, of course”. With that statement, the only part of the budget that can easily be cut is eliminated at the start. Can it possibly be right to keep Social Security, Medicare, education, crime and drugs “on the table”, but not the military budget? Of course not! To make it worse, the area with the most waste and graft is, you guessed it, the military budget. We do not need a war in Iraq, or a star wars missile defense system, or all of those overseas bases. We do not need to pay the salaries of the Baghdad fire department while we are forced to close fire stations in the City of New York.

George Bush's budget proposal contains cuts in education funding, food assistance for pregnant women, environmental protection, AIDS treatment, child-care assistance, food stamps, Medicaid and so on. However, its full speed ahead as far as lucrative contracts for Bush’s corporate pals to “rebuild” Iraq. It now appears as if these deals may have been a part of Bush’s original rationale for going into Iraq in the first place.

War expenses are made more damaging by the administration’s tax cuts for the wealthy, causing a ballooning budget deficit that severely endangers our ephemeral economic recovery. The bill will eventually have to be paid with interest, but this responsibility will fall to future generations of middle income Americans.

LHS

 

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