Tuesday, July 11, 2006

Short term tax gain a long term loser

I posted on the "surprise" tax surplus at DetNews yesterday but there's a lot of new material out there worth reading.

The WaPo takes a more tempered view in their coverage, noting "even the White House acknowledges that in the long run, the nation's fiscal outlook remains bleak."

Think Progress notices a pattern.
Bush’s expected announcement today heralding the shrinking budget deficit is full of deception. “This will be the third year in a row that the administration put forth relatively gloomy deficit forecasts early on, only to announce months later that things had turned out better than expected.”
While The Economist's View explains it all, without the rose colored glasses of the Bushenomics believers.

The earlier WaPo piece nails the real issue with this quote.
"This all relates to the widening income disparities between high-income individuals and the rest of the population," said Robert Greenstein, executive director of the liberal Center on Budget and Policy Priorities.
A subsequent piece explains how it's the high paid employees benefit from job market and the Bushenomic boom, while the poor benefited the least and in fact lost ground as the gap between the haves and the have nots widens.

Bushenomics is working all right, for the upper class, but the price tag is upward mobility. It's ultimate outcome will be a permanent underclass and the end of the American dream.
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