Bush Budget is a "multi trillion dollar decade long scam" a must read!

by Noriel Roubini
Associate Professor Economics, NYU

02/09/05 -- "The dishonesty of the administration about budget deficits has reached levels unheard of. These folks have absolutely no shame. Bush presented a budget that claims that he will achieve his goal of reducing the deficit by half by 2008 (from a false
2004 baseline of $521 billion rather than the actual 2004 deficit of $412b) and will achieve a deficit of "only" $233b by 2009. Even better news, the administration claims: the "halving" of the deficit will be reached by 2008, a year earlier than original 2009 target for it.

Who are these accounting scam artists trying to deceive? Do they think everyone in America and around the world is a mathematically challenged total idiot or an accounting moron?"

and another quote :

"They may think that they can fool everyone, the taxpayers, the American people, the media, the bond markets, Wall Street and the disappearing bond vigilantes, the world, the central bankers of the world that have financed 90% of our budget deficits in the last four years and who would have to finance 100% of these ballooning budget deficits in the next decade. But they are only fooling themselves. No one is so dumb and idiotic to believe half of the damned lies they have been peddling in their budget. As a Bloomberg headline put it today, in the most understated terms: "Bush Fiscal Projections Questioned on Capitol Hill, Wall Street". Or, as the headline of the sharp Andrews article in the New York Times put it today: "Trim Deficit? Only if Bush Uses Magic"...Voodoo magic indeed!

Put it less politiely, this is not a budget, it is a multi-trillion dollar decade-long scam, a voodoo black magic to the power of two, the biggest Ponzi game in the financial history of humanity that would lead the US to certain bankruptcy by the next decade.

Copyright: Noriel Roubini



This is written by the associate professor of economics at NYU.

Please follow the link for the full article :

www.roubiniglobal.com...

It's a pretty damning report on the Bush Administrations budget especially from someone who is so well versed in economics.

I thought I would share it all with you as I know many of you enjoy the current discussion of Bush's budget.


I am convinced Bush's budget is dishonest and I feel that it is not an honest and open attempt to cost cut, it is a political deception by the Bush Administration to the american people, selling it as 'cost cutting' as an excuse to cut domestic spending and increase military spending. if it was I feel that the military would be already receiving huge cuts starting this year and not the 'proposed' cuts that apparently start in FY 2007, yet this year they not only give the DoD a raise (more than my entire nations annual defence spending) but they don't even add the costs of troop deployments in Afghanistan and Iraq, claiming they are "supplementals" and distorting fiscal responsibility even more.

I look forward to hearing opinions on both sides of this

thanks,
drfunk

[edit on 9-2-2005 by drfunk]

Sadly most of us Americans see through the lies, but as usual we are the bush basher.

keeping the public uninformed has been part of bush administration from the beginning.

And sadly people will believe that bush is right and anybody else that does not agree with his lies is wrong.

Sometimes I wonder if some people has been brainwashed after all, but for some reason some does not fall for it.

Nobody likes taxes or taxes going up and hell I don't like them either, we have enough as it is, but taxes are a necessary evil to keep think smoothly.

It's simple math you spend you have to put the money back, right now Bush administration is spending in records high but no money is coming to take care of what is has been spend.

Drfunk, you do realize the truth is Bush Bashing, right? Telling the truth, reporting the truth, using the truth, all Bush bashing. You are going to hell for this, you do realize that, right? Of course, hell sounds like fun, Jimmy Hendrix, Elvis, the guy from Nirvana.