Tuesday, March 29, 2005

Here's what monkey boy is hiding when he says Social Security is in crisis

If President Bush's tax cuts of 2000 are not allowed to expire in 2010, the result will be budget deficits year after year until 2042, when the US Treasury will be in arrears by over 10 percent of GDP.

By contrast, if the Bush tax cuts are allowed to expire, the result is an overall federal budget surplus for every year after 2010, through 2050, eliminating budget deficits for the foreseeable future, and allowing full payment of scheduled Social Security benefits as well as expected growth in spending for Medicare and Medicaid.

From Congressional Budget Office projections, charted by the Economic Policy Institute.


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