by BishopRook, Mon Jul 28, 2008 at 11:25:55 AM EDT
Associated Press is reporting today that the budget deficit for FY2009 is projected to reach $490 billion--marking an impressive third time in President Bush's eight-year watch that he has broken this record (the first was the $374 billion 2003 deficit, immediately bested by the $413 billion 2004 deficit).
A Bush administration official said Monday the next administration will inherit a record federal budget deficit for next year that approaches $490 billion.
The official said the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the record deficit of $413 billion set in 2004.
by MS01 Indie, Fri Jun 20, 2008 at 08:36:10 PM EDT
Back in 2000, I actually thought John McCain might make a good president, not that I would have voted for him. I thought he would surely be better than George W. Bush. When the Rove attack machine turned on McCain in South Carolina, I was outraged and expected McCain to turn against Bush even more. It wasn't long before I discovered just how wrong I was about McCain. He not only forgave Bush for the smears about his adopted daughter, he actually embraced Bush. If it had been me, I would have punched him.
Over the last eight years, McCain has shown that he will do and say anything to have the title of President of the United States of America. He has flip-flopped on nearly every important issue. He has embraced people he would have once shunned and reached out for support from people he has condemned. Does this man have any principles left?
He said the war would be quick and easy and then flipped and said that he had always claimed it would be a long hard war.
Both Senator McCain and Senator Obama are talking about tax cuts. In senators Obama's case it is more aggressive towards the middle class and in senator McCain's case about half go to corporations.
Now we all are aware that our country in is deep debt, the value of the dollar is crumbling and we are borrowing money from the likes of china to keep the economy going. As democrats we have argued against Bush tax cuts in the past because you don't give one at the time of an ongoing war(s). Let alone I wonder where is money going to come from? We don't have money now to dispense it out like both candidates have projected. Don't we need to drive down that borrowed debt first? Or you prefer to pass it on to our kids( it won't just vanish)?
It is also noteworthy that during Obama's 1st term he would not be able to pull out of Iraq before 16 months (to be fair to him) and Let's not forget 'We' will still be at war in Afghanistan for years to come , so that war expenditure is still going to be relatively high.
My question is-- as democrats since we understand the current economic situation of this country. Why are we not sending the signal of fiscal responsibility to senator Obama 1st(because we can't influence McCain's policy other than our vote), that we should not be giving additional tax cuts (other than status quo) in the time of economic crisis? afterall Obama rightfully voted against tax cuts then- so why would we now double dip from his/ours/democrats original stance and vote?
Why are we shrinking away from such fiscal responsibility and being gullible to push for additional tax cuts across any income demographic, especially after we were against the current bush tax cuts?
In my opinion---Fiscal responsibility is a dire need going forward and Tax cuts in this day and age is irresponsible.
The Republicans own the tax issue. It is the source of their power and their popularity with voters, especially the independents and "Reagan Democrats" who usually give them their margin of victory on the national level. Ask any American which party is most likely to cut their taxes, and there will be no hesitation: the Republican Party.
Ask any American what the Democratic Party has done for them lately, and it may take some time for them to answer. It's been decades since Social Security and Medicare were created. Decades since the Civil Rights Bill.
In the absence of a compelling economic program from Democrats that would make a difference in the average American's checking account, many will simply vote their pocketbooks and vote for the party that will cut their taxes.
But it's not too late. The Democrats can take this issue back from the Republicans and win on taxes, by promoting an aggressive policy of Rise Up Economics.