Live High, Stick Your Kids With The Bill
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| Fri, 09-10-2004 - 1:51pm |
As if the abysmal economy – with 1 million jobs lost – isn’t enough, the Bush administration has now racked up $1,450 worth of debt this year, for every single man, woman, and child in America.
Yesterday the Congressional Budget Office announced the Fiscal Year 2005 deficit total: a stunning $422 billion, the largest single-year deficit on record.
For the 291 million Americans, that means a burden of $1,450 – which will have to be made up sometime in the future, through tax increases or cuts to programs we value.
Fiscal year 2004 deficit: $422 billion U.S. Population (2003 Census est.): 291 million
Per capita deficit: $1,450.00
And if the Bush policies continue, things only get worse. The Congressional Budget Office made a 10-year deficit estimate of $2.3 trillion. That’s $7,903 per American – invoiced to you, or your children.
Ten-year deficit: $2.3 trillion U.S. Population (2003 Census est.): 291 million
Per capita deficit: $7,903.00
$1 of every $5 spent by Bush is borrowed.
Under Bush, the government is “borrowing about $1 of every $5 it spends.â€
“Any family that borrowed $1 of every $5 it spent would soon be hauled into bankruptcy court. Yet President Bush’s campaign aides were touting the news yesterday that this year’s federal budget deficit is estimated at only $422 billion—a new record by only $47 billion.â€
Bush shows disregard for future generations of taxpayers.
“Budget deficits make dry fodder for debate. But they say more about an administration’s concern for future generations than any single program… long-term prudence calls for an administration that will cherish future generations by bringing the deficits down.â€
