After Bush Leaves Office, His Budget's Costs Balloon
Thursday, February 17, 2005 at 02:50AM
TheSpook
For President Bush, the budget sent to
Congress last week outlines a painful path to meeting his promise to
bring down the federal budget deficit by the time he leaves office in
2009. But for the senators and governors already jockeying to succeed
him, the numbers released in recent days add up to a budgetary landmine
that could blow up just as the next president moves into the Oval
Office. Congress and the White House have become adept at passing
legislation with hidden long-term price tags, but those huge costs
began coming into view in Bush's latest spending plan. Even if Bush
succeeds in slashing the deficit in half in four years, as he has
pledged, his major policy prescriptions would leave his successor with
massive financial commitments that begin rising dramatically the year
he relinquishes the White House, according to an analysis of new budget
figures. Bush's extensive tax cuts, the new Medicare prescription drug
benefit and, if it passes, his plan to redesign Social Security all
balloon in cost several years from now. His plan to partially privatize
Social Security, for instance, would cost a total of $79.5 billion in
the last two budgets that Bush will propose as president and an
additional $675 billion in the five years that follow. New Medicare
figures likewise show the cost almost twice as high as originally
estimated, largely because it mushrooms long after the Bush presidency.
"It's almost like you've got a budget, and you've got a shadow budget
coming in behind that's a whole lot more expensive," said Philip G.
Joyce, professor of public policy at George Washington University. By
the time the next president comes along, some analysts said, not only
will there be little if any flexibility for any new initiatives, but
the entire four-year term could be spent figuring out how to
accommodate the long-range cost of Bush's policies. [more]
Article originally appeared on (http://brownwatch.com/).
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