Feb. 01, 2004 - 20:05 MST

THE WONDERING JEW

Sounded Good -- But

News this morning, but I'm not sure whether is going to end up bad or not. Have my opinions.

In the JOA issue of the Sunday Paper (called the Denver Post on Sunday), there is an article by Robert Pear and Edmund L. Andrews of The New York Times titled, "Bush to seek $2.3 trillion budget." "President aims to make tax cuts permanent, rein in spending."

"Constrained by soaring deficits and political realities, the officials said they would retreat on some of their own ideas and oppose others favored by Republicans in Congress.

"Bush will try instead to lock in some of his prior victories by pressing Congress for a permanent extension of MOST of the tax cuts adopted in the last three years that were set to expire over the next seven years. HE says the tax cuts foster economic growth, which helps create jobs. But many Democrats say the tax cuts are fiscally reckless and widen the gap between rich and poor."

"Administration officials said Bush would not insist on his earlier proposal to overhaul Medicaid, would not push for a big expansion of retirement savings accounts, and would not back tax incentives for energy production that he supported last year.

"Under fire from Republicans alarmed at the growth of the federal budget in recent years, Bush called Saturday for new statuatory limits on spending." "To assure Congress observes spending discipline, now and in the future, I propose making spending limits the law," Bush said in his weekly radio address. "This simple step would mean every additional dollar the Congress wants to spend in excess of spending limits must be matched by a dollar in spending cuts."

"Bush did not say who would set the limits or how they would be enforced. Unlike similar rules that governed Congress in the 1990's, Bush's proposal would not impose restrictions on new tax cuts."

"Bush said he would virtually freeze many domestic programs, with an increase of less than 1 percent for domestic discretionary spending outside of military and and domestic security." "He is proposing an increase of 7 percent for the military, including 13 percent more for missile defense systems; an increase of nearly 10 percent for heightened security against terrorist attacks; and an increase of 11 percent for the FBI."

"Bush pushed hard last year for an energy bill and said he'd accept $23 billion in tax breaks aimed at increasing energy production. But the bill is stalled in Congress, and this year White House officials are proposing a more modest energy package that omits many of the expensive tax breaks sought by oil and gas producers."

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So Mr. Bush is going to try to lock in some of his prior victories by pressing Congress for a permanent extension of most of the tax cuts adopted in the last three years . . . . . He says that the tax cuts foster economic growth, which helps create jobs. Yeah right, we are deep in the hole right now and apparently he wants the descent to continue. I don't see where any of the tax breaks did the economy any good except the rich folks and the employees of the rich. And he wants to make this permanent.

Then, "In addition, they said, Bush will oppose extending a temporary tax break that greatly accelerates the rate at which businesses can depreciate new equipment. The tax provision was enacted in 2002 to stimulate the economy, and manufacturers want to retain it." So did that break help the economy in 2002 and so on ? Not that I can see. Come to think of it I have seen nothing mentioned about incentives to industry or business to keep manufacturing plants and jobs for all employees in this country. So what manufacturing is he talking about ? What is he going to do about the offshoring of professionals and clerical work ?

Now Mr. Bush wants to make spending limits the law. Yeah right, I will be willing to bet that those spending limits if they ever come about will be after he gets all the slack he wants probably after he retires.

Now he intends to, "Virtually freeze many domestic programs, with an increase of less than 1 percent for domestic discretionary spending, outside of military and domestic security. He is proposing an increase of 7 percent for the military, including 13 percent more for missile defense systems; an increase of nearly 10 percent for heightened security against terrorist attacks; and an increase of 11 percent for the FBI." Let's see, 1 percent, plus 7 percent, plus 13 percent, plus 10 percent, plus 11 percent. Hmmmm, that makes a whopping 42 percent with less than 1 percent for domestic -- domestic, heck, that's where we live isn't it ?

A self conflicting speech I think, self serving too, for him and his buddies. You know reading the article at first it Sounded Good . . . . . . . . .

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