Avoiding the real challange
An editorial in the New York Times (free subscription required) says that resident Bush's latest deficit-steeped budget, for all its talk of reining in spending, is a monument to misplaced political capital.It would take some hard work, indeed, to get Congress to face up to the binge of deficit spending that is haunting the nation and future generations of taxpayers. Yet Mr. Bush is not going to face the music. Instead, he's investing his precious re-election clout in pushing a wildly expensive plan to divert some Social Security payments to private accounts, a step that would not even address the long-term financial problems with the current system. His proposed budget, meanwhile, is a picture of reduced revenue and swollen pockets of hidden spending. The lip service about draconian clampdowns will hardly solve the problem, particularly in the eyes of the international markets that are studying the administration for signs of commitment to closing the budget deficit.
posted by Paul Wilczynski @ 1:28 PM
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