Cutting the Deficit in Half
The other day, Treasury Secretary John Snow told the G-7 that the Bush administration was on track for cutting the budget deficit in half by 2009. And this right after Bush had signed the death of the estate tax. My question was what is he smoking? And who would believe him?
But then I found this little gem at TPM:
In remarks yesterday before the Bond Market Association -- one of the hardest partying groups on the street -- Treasury Secretary John Snow explicitly linked the administration's efforts to cut the deficit to the push to partially phase-out Social Security. The logic of that statement points to only one conclusion: the deficits the administration has run up with upper-income tax cuts will be reduced by benefit cuts in Social Security.
Yup, these guys are out to make the biggest heist of the American public since the savings and loans debacle. Only this time, the years of extra payroll taxes raised to pre-fund the baby boomer retirement will just be written off, magically erasing a big part of the deficit. Such a deal.