Saturday, February 02, 2008

This Economy Is Good For Whom?

Well, you may already know this, but every time some rightwinger suggests lowering taxes is the answer to what ails our economy, you should ask them how they expect to pay for those things we expect our government to do. Where is all the fiscal conservatism in the GOP these days? Certainly there is none when it comes to the W, Rove and Co.
President Bush wants to cut funding for teaching hospitals and freeze medical research in a $3 trillion budget for 2009 that is still likely to generate a record deficit once war costs are tallied up.

The Bush budget to be submitted Monday would cut the budget for the Health and Human Services Department by $2 billion, or 3 percent. By contrast, the Pentagon would get a $35 billion increase to $515 billion for core programs, with war costs additional.

With tax revenue falling as the economy slows - and with the deficit-financed economic stimulus bill adding more than $150 billion in red ink to federal ledgers over 2008-09 - the White House acknowledges that the budget deficit for this year and next is projected to reach $400 billion or more.

The largest-ever budget deficit, $413 billion, was recorded in 2004. Bush's budget will forecast a deficit for 2009 that's below that, an administration official said. But that assumes costs of $70 billion for the wars in Iraq and Afghanistan, well below the almost $200 billion request for this year.
How the bleep are we going to pay down this debt? Well, of course, this is another heaping problem that Bush is loading onto whomever is in charge next. Perhaps it would be good to have McCain win then it would be his mess to clean up. Trouble is the GOP has not demonstrated one shred of fiscal conservatism they proclaim to advocate. Likely, if McCain is elected we would drown further down in the money pit the W, Rove and Co has been struggling to widen via their illustrious freedom spreading experiment in Iraq.

Think about it. It's a brilliant ploy. Defer expenses and costs. Cut taxes. Increase the debt so that the next democrat in charge has to raise taxes to recover. Then suggest that democrats are fiscally irresponsible for raising necessary taxes. Brilliant.

The question remains for whom is this economy good? Looks like the predators are winning:
Exxon Mobil Corp. shattered its own record as the world's most profitable publicly traded corporation, as rising oil prices helped the company bring in better-than-ever income and revenue for the fourth quarter and 2007.

Irving, Texas-based Exxon's net income rose 3% to $40.6 billion in 2007, surpassing its 2006 record of $39.5 billion.

Chevron Corp. also posted strong earnings despite lower production and lagging profit from making and selling gasoline. Full-year profit at the San Ramon, Calif.-based oil company jumped 9% to $18.7 billion.
Well, there's no surprises there. W is, after all, an oil man.

1 comment:

enigma4ever said...

I am amazed that the Media is pretending that things are not THAT how fricking bad does it have to get before they admit it???? ( I mean we know Bush won't admit it...) first thought was HOW many zeros is that ? If the BIG companies all pay a 2% tax would that ease THIS HUGE deficit ? Would that help pay for healthcare for kids ? I watched the Budget Director explain it...I noticed he had on a $500 suit and real the hell would he know about What we all go through every day- with Food, gas and Heat DOUBLE a year ago...

okay I am done grumbling...I think.....for now....

Thanks for blogging is always nice to know that you are out there blogging it...and that I am not the only person watching cspan....and cursing the TV....