The Center on Budget and Policy Priorities says state budgets will face shortfalls through 2005. The problem is that we really don't know what will happen beyond 2005, since the Bush Administration has unglued most of the components of the federal government and has invested a ten-year deficit of at least $3.8 trillion in an economic strategy that isn't paying off in increased employment and clearly intends to continue the dismantling the social infrastructure.
The only rational thing for a citizen to conclude, faced with these facts and growing uncertainty about the future, is that the states will be running in the red and cutting programs for as long as we can imagine.
In 21 states where shortfalls have been identified, the amounts total about $32 billion to $33 billion or about 9 percent of those states’ expenditures. As more states issue new budget and revenue forecasts over the coming weeks and months, the aggregate total likely will increase to more than $40 billion.The new deficit amounts are on top of the estimated $78 billion shortfalls that states faced when they enacted their fiscal year 2004 budgets, as well as large deficits that were addressed in fiscal years 2002 and 2003. The National Conference of State Legislatures estimates that over the last three years, states have had to close a cumulative budget gap approaching $200 billion.
This is no way to run a country. If George W. Bush is the "CEO of the United States" as he originally styled himself, before he became "St. George the Osama/Saddam Misplacer," he's destroyed the system he was elected to manage. He has destroyed the U.S. and now claims that the recipients of giveaways (the ultra-wealthy) will feel such gratitude that they will rebuild the entire system for a reasonable profit. At the same time, Bush's father works with The Carlysle Group, which specializes in buying companies at a low price and selling the parts at a high price, rather than starting new businesses that create American jobs.
So, can we ask the current president why his father, a former president, isn't responding to the massive incentives for investment by starting companies rather than tearing them apart? If the plan doesn't even work in one American family, why should it be applied to the nation? The comments section is open, Mr. President -- this is one citizen asking you to explain how the Bush family is responding to your tax strategy.
Posted by Mitch Ratcliffe at October 22, 2003 04:20 PM | TrackBack