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Author: steve203 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 27  
Subject: Meet up Date: 10/8/2003 5:04 PM
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Anyone here attending the local Clark meet ups?

It's obvious that Bush's strategy is to buy votes by passing out tax cuts and subsidies, regardless of the effect on the deficit.

During the debate, General Clark spoke strongly about the need to support Social Security. This is an area where I think Bush is vulnerable.

The Congressional Budget Office estimates for deficit growth over the next 10 years are frightening enough. The Concord Coalition has adjusted the CBO's estimates to allow for the continuation of tax cuts and alternate minimum tax concessions that Bush is now demanding. By 2013, Bush's latest changes in taxes will increase the on budget deficit by another $600B/yr to a total projected on budget deficit over $800B.

How to get the boomers to turn their back on Bush's tax cuts now? Show them that, thanks to these tax cuts, it will be impossible for the government to make good on it's promise of Social Security benefits.

The CBO estimate for 2013 shows a SS surplus of over $300B being used to cover the on budget deficit. A few years later, as more boomers retire, that surplus will disappear and the government will have to start paying back the money it's borrowed ($1.3T at this point in time, add about $2T more by 2013). Adding the money paid back to Social Security to a structual deficit, thanks to the tax cuts, leaves the government trying to sell roughly a trillion dollars of additional debt per year. A trillion dollars of additional debt per year and the US GDP is $10 trillion? Obviously impossible to sustain. Only programs large enough to cover that deficit by their elimination are Social Security and Medicare.

This needs to be discussed at the meet ups. This issue needs to be talked about before November 04.

Steve
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