Tax Cuts Lead to Largest Deficit Ever in Complete Reversal of Bush's Prediction
The record-setting debt is at complete odds from the President's first year in office when he promised, "Many of you have talked about the need to pay down our national debt. . . I agree. We owe it to our children and grandchildren to act now."5
Instead the Bush tax cuts will pass an extraordinary hardship onto the next generation that faces paying a minimum of $43 trillion in Social Security and Medicare benefits to Baby Boomers. Even if the government limited itself to paying only for retirement benefits, health benefits and interest on the national debt, federal taxes would still have to be raised by 70 percent - permanently - to meet those obligations.6
Sources: 1. "A Sound Bite So Good, the President Wishes He Had Said It
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