Hard Truths in Tough Times

Social Security personal accounts are not that bad of an idea on several scores, but it’s not a solution if the solvency of the system (and the U.S.’s future economy in general) is in dire straits. If we were sitting on a large surplus, this would be a peachy-keen idea. But according to the Bush Administration projections, the country would have to finance the personal accounts to the tune of 5 trillion dollars over the first 20 years of full implementation. Even if that’s accurate, it’s way too much added stress on an already morbidly underfinanced economy.

But let’s remind ourselves of other Bush Administration projections. First, there was the claim that there could be a huge tax cut without creating a deficit. During the eventual eight years of this group’s tenure, that misapprehension amounts to a cool 3 trillion (3000 billion!).Next, the Bushies confidently computed the Iraq war cost as $1.7 billion. By the middle of next year the war expenditures will pass 200 billion (9 billion of that is somehow "missing," but that’s another blog entry).

Another example would be the seniors' drug bill. The outlays for that will likely be triple what they swore up and down it would be -- when they were hammering members to pass it.

So, in summary, we have an administration that, like a sleazy used-car salesman or a 17-year-old on prom night, will say whatever is necessary to get you to go along with what they want you to do. The part I don’t get, though, the part I find appallingly disconnected from reality, is how the Bush Administration can be considered to still have a shred of credibility.