Thursday, December 16, 2004

President Bush on thinking long-term

Comedy or nerve? You make the call.
Here is what he said today at his "economic summit," about the approaching date when Social Security will start paying out annually more than it takes in:
"Now, some will say, well, that's 2018, I'm not going to be around. But I don't think that's what a good public servant thinks, should think."
Pretty big talk for a guy who figures to add more than $30 trillion to the fiscal gap before he is done, including, on the income tax side, $12 trillion that is still to come from extending the tax cuts and fixing the AMT. Even just this remaining amount exceeds the projected Social Security shortfall.

10 comments:

Anonymous said...

In calculating the thirty trillion number are you discounting the value of revenues assuming the tax cuts are made permanent or with the sunsets?

Daniel Shaviro said...

Oops, I seem to have double-counted and have therefore revised what I say in the post.

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