Blogs by Lawrance G Lux
Congress Continues to stick their Heads in the Sand
9/22/2004 1:26:00 PM
Congress is working hard this week at legislation designed to add another $135b to the Deficit over the next ten years, by passing totally irrelevant Tax breaks.
Our current and last Congress enjoy a profound reputation, they have spent more on less than any Congresses before or since. They combined this with a system of Tax Cuts whose singular effect seems to be elimination of Federal revenues from any source. President Bush will hold the record for giving away all revenues, before he spent more than anyone else by borrowing all those taxes back. In honest truth, he spent far more than he would have gotten in tax revenues. He asks for a second term so he can increase the Federal Debt by a couple trillion more dollars.
Fact: George W. Bush took a Budget surplus, and turned it into an averaged Trillion dollar a year Budget deficit inside four short years. Understand that the Recession, which he claims to have received from Clinton, could not have cut Federal revenues by more than $.5 Trillion through the time it was said to run, or even more than that, in the time it actually runs--up to the Present. Bush's combination of Tax Cuts and Spending initiatives directly caused all the rest of the Deficits.
Fact: The total cost of 9/11 could not have cost more than $200b in lost revenues, even with the Recession in place. The Deficits did not come from here.
Fact: The Wars in Afghanistan and Iraq, to the present day, could not have cost more than $.5 Trillion dollars. The Deficits did not come from here.
Fact: The MMA, the new Medicare Moderization Act, will cost substantially, but has only cost about $200b now--all giveaways to the Health Care industry, this while they increased charges to American Patients by 12% since the Act's adoption. The Bush deficits did not come from here.
Fact: Total Security measures since 9/11 did not cost over $50b, this mainly going to Business, not real on-the-ground security. The Bush deficits did not come from Homeland Security.
Where did the Bush deficits come from? The Answer is simple: incredibly excessive Federal contracts to Business interests, generating huge Profits for these industries; from a excessively huge distribution of Pork Barrel to political supporters--at huge Profits; and huge tax eliminations for Corporations--simple Businesses did not fare as well. Wealthy Individuals also escaped major taxation.
Fact: How much revenue loss came from tax reductions for those people making less than $75,000 per year? The Answer is less than $.5 trillion dollars totalled over the entire period. The Bush deficits did not come from here either.
George W. Bush may actually be more dangerous to the American people and American Taxpayer, than ever was Osama bin Laden. The latter Individual only cost Us about 4,000 dead and maybe $5b in destroyed Property. George W. Bush has already cost Us 1,000+ American lives with the War, and several trillion dollars in Debt. His policies have also resulted in about a $.40 per gallon rise in fuel prices.
Most Americans would consider me unfair to equate George W. Bush with Osama bin Laden, but with the consideration of damage caused by each Individual's actions, I believe the American people will live to regret George W. Bush more.lgl
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More Blogs by Lawrance G Lux
Spending Plans - Wednesday, May 25, 2011
Alternate Blog - Thursday, November 18, 2004
Tax Proposals - Monday, November 08, 2004
The Election Result - Wednesday, November 03, 2004
The Osama Tape - Saturday, October 30, 2004
Post-Election - Thursday, October 21, 2004
Pre-Election Issues - Sunday, October 17, 2004
The Debate - Friday, October 01, 2004
Effect of Outsourcing - Wednesday, September 29, 2004
Current Economic State - Tuesday, September 28, 2004
Congress Continues to stick their Heads in the Sand - Wednesday, September 22, 2004
August Economic Indicators. - Thursday, September 16, 2004
Best We can Get. - Monday, September 06, 2004
I smell a Rat. - Friday, September 03, 2004
Compassionate Conservativism - Thursday, September 02, 2004
Bush Has Lost Florida - Sunday, August 15, 2004
Labor--Further Information - Saturday, August 07, 2004
The Labor Market - Monday, August 02, 2004
Construction of Fantasy - Saturday, July 31, 2004
Presidential Responsibility - Sunday, July 11, 2004
Minimum Wage - Tuesday, July 06, 2004
The current Economic Problem - Saturday, April 03, 2004
Eat Crow--Maybe - Friday, April 02, 2004
New Employment Figures - Thursday, April 01, 2004
Recession Dating - Saturday, March 06, 2004
Greenspan Misread It! - Monday, February 23, 2004
Trade Deficit and Job Growth - Saturday, February 21, 2004
The Tax Issue - Monday, February 16, 2004
Productivity Gains and Job Growth - Thursday, February 12, 2004
Labor Report - Friday, February 06, 2004
Defense and Homeland Security - Wednesday, February 04, 2004
Bush Budget Estimates - Saturday, January 31, 2004
Deficit: Brokings Economic Studies - Thursday, January 29, 2004
Pension Relief - Thursday, January 29, 2004
$477 Billion?--What a Joke! - Monday, January 26, 2004
Income Inequality - Sunday, January 25, 2004
Revisionist Economic View - Saturday, January 24, 2004
Economic Data Distortions - Thursday, January 22, 2004
State of the Union Address - Wednesday, January 21, 2004
Consumer Confidence - Friday, January 16, 2004
Consumer Debt - Monday, January 12, 2004
Job Stats - Monday, January 12, 2004
Job Picture - Friday, January 09, 2004
Interest Rates - Sunday, January 04, 2004
Playing with the Numbers - Saturday, January 03, 2004
Mad Cow - Thursday, January 01, 2004
Year Review - Wednesday, December 31, 2003
HALLIBURTON - Monday, December 29, 2003
Nafta and the Economy - Saturday, December 27, 2003
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Multiemployer Pension Plans - Tuesday, December 16, 2003
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November Sales Increase - Thursday, December 11, 2003
CBO Monthly Report - Monday, December 08, 2003
The way is goes. - Friday, December 05, 2003
Revised Numbers - Friday, December 05, 2003
Jobs - Thursday, December 04, 2003
New Information - Sunday, November 30, 2003
Latest data - Saturday, November 29, 2003
Making Sense of the Economic World - Monday, November 24, 2003