Check spending before it gets way out of hand
President Bush’s $2.4 trillion budget proposal for 2005 is a step in the right direction for an administration that has overstepped the bounds of responsible borrowing.
Faced with the prospect of income deficits amounting to half a trillion dollars a year, Bush intends to dramatically decrease spending on domestic programs, with a plan he says will cut the deficit by half next year. Although it is a prudent step, hopefully it won’t be too little, too late.
While the real numbers may be far from the administration’s projections, the problem of debt was one that should have been anticipated earlier. Even as the economy grew at a rate nearly one percent better than the White House projected (4.4 percent compared with a 3.6 percent projection), future generations of Americans will undoubtedly have a financial burden to bear if we don’t get the books straight fast.
Deficit spending is a necessity during times of economic uncertainty and war – both of which we have experienced since the markets took a dump in 2000. But cost cutting – along with reasonable tax cuts – should be incorporated immediately, not after the heavy burden of debt is staring us in the face. If we are not able to make headway in the deficit fight, Bush’s tax cuts may not be made permanent, and we will be back where we started before the tech boom of the 1990s.
For decades, government has lived by its own rules, borrowing against the future. Why shouldn’t government live by the same rules as the people? Spend what you have, and cut spending when times are tough.
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