Journalists and politicians are shocked, shocked -- by the "news" that the federal deficit is big and getting bigger. The implication of most of the hand-wringing commentary is that it's all President Bush's fault, which is a canard. The Wall Street Journal makes a few pertinent observations today.
By the way, if our politicians are shedding more than crocodile tears about "the deficit," we have a suggestion. They could always slow the growth of their own spending. CBO points out that in fiscal 2003 non-defense discretionary spending will rise a remarkable 8.5%, or $33 billion, mostly for education, health care and transportation. As a share of GDP, this spending will increase to 3.9%, "its highest level since 1985." Anyone who argues that the war on terror is crowding out domestic spending should be laughed out of the room.Posted by Alan at August 27, 2003 06:51 AMThe CBO report makes another useful point: Its deficit estimates assume no change in current law. That is, they do not include the monumental increases in federal outlays that are certain to follow the passage of a new Medicare entitlement for prescription drugs for seniors. If someone wants to guarantee deficits as far as the eye can see, just pass that huge expansion of the entitlement state.
We've praised President Bush for keeping his eye on the prize of economic growth, but on spending control he's been disappointing, to say the least. He seems to think that the only way to get his essential increases in defense is to accept huge new domestic outlays. Perhaps he should ask the Members to choose guns or butter. In this time of war and deficits, he might discover that the voters agree with his priorities.
via The Wall Street Journal (subscribers only)