Bush Hides $193 Billion Dollars in 2005!

Published on May 1, 2006 By COL Gene In Politics

The Social Security and Medicare trustees released their reports today. They show the following for 2005:

Social Security took in $172 Billion MORE then it paid out.
Medicare took in $21 Billion MORE then it paid out.

That means the two funds had a combined surplus in 2005 of $193 Billion. George Bush subtracts this amount from the Annual Federal deficit to make it look smaller.

Bush reported the deficit as $427 Billion AFTER he subtracted the $193 Billion in surplus from Social Security and Medicare.

In other words the REAL deficit in 2005 was $620 Billion (427 + 193) not the $427 Billion reported by Bush!

If Bush had to certify the financial statements like the Fed requires of company CEO's, he would be in violation of the truth in reporting act!

Comments (Page 1)

bakerstreet

on May 01, 2006

Isn't this an arguement that you yourself have made? You have a problem with people paying more to pay down the deficit? Of course we pay in more now than we spend now. There's more people here now than are drawing, and those people will be drawing it later.

You really need to think about these things before you dive into them. You are making less and less sense. The REAL deficit is no different than what you consider to be the fake one. you really espouse billions of dollars sitting dead, not doing anything for anyone for 50 years until the people who paid it in need it?

The harder you strain to make these points, the more you show how desperate you are. This is just your way of vilifying Bush for paying on the deficit that you constantly scream needs to be paid on.

bakerstreet

on May 01, 2006

Am I the only one that sees this as a totally deranged blog? How could you possibly expect there to be as many people drawing social security as there are paying into it in a society where the population grows? How could you POSSIBLY espouse tossing all that money in a hole to wait 50 years until we need it?

COL Gene

on May 01, 2006

Bakerstreet

This Blog has NOTHING to do with how many people are paying into Social Security compared with the number drawing out. It has NOTHING to do with the solvency issue either.

This is the Bush administration distorting the real amount of the Annual Budget Deficit by $193 Billion. There is NO reason to subtract the current Surplus from Social security and Medicare from the annual Budget deficit other then you want to make the deficit appear smaller! Face it, we spent $620 Billion MORE in 2005 then we Taxed!

gluasad

on May 01, 2006

Well, if you found out about it, he must not have hidden it very well.

bakerstreet

on May 01, 2006

It has everything to do with those facts, Col, because they are the only thing you have to hang this on. Can you cite something that says SS and medicare income haven't been applied in this way before?

You don't have a link to anything at all above, much less anything that says that what Bush is doing is any different than any other administration. Not only do we have to take your word for it, we have to take your word that it is irregular.

I find it difficult to believe that you would expect anyone to take what you say as factual without some sort of proof at this point. I don't think there is a fact you wouldn't twist to make a new anti-Bush blog.

COL Gene

on May 01, 2006

Well I must be smarter they you since YOU did not uncover his deception!

Just think you who hate taxes should be very unhappy that $620 Billion will cost the American Taxpayer another $31 Billion in interest EVERY year until, if ever, that money is repaid. Yes 5% of $620 Billion is $31 Billion. So not only has Bush hidden the money but he has added $ 32 Billion to the federal budget in just ONE YEAR. WHAT A GREAT job he is doing!!!!!!

bakerstreet

on May 01, 2006

So in essense this is just a dishonest way for you to post the same droning rant you've posted 50 times over. Bush didn't really hide anything, it really doesn't have to do with Social Security, it is just a reason for you to post the deficit figures again for the umpteenth time.

400th verse, same as the first...

COL Gene

on May 01, 2006

The proof can be found on the following:

www.socialsecurity.gov and www.cms.hhs.gov

You must look at the 2006 reports to see the Surplus that was generated by these two funds. This has been the process in the past. I have said that on many of my Blogs. However with the size of the deficit under Bush, it makes this practice MUCH MORE significant. This is a result of the Unified Budget act that was passed in 1970.

Again you try and deflect the issue but do not forget, the bottom line is that we spent $620 Billion MORE then we taxed and that added deficit will cost the American taxpayers an additional $31 Billion EVERY Year in interest on that added debt. This is the result of the Tax and spend policies we are following. For example, we have paid for prior wars by passing a temporary tax increase to fund the war. Bush just puts it on the TAB!

COL Gene

on May 01, 2006

Bakerstreet

No this is the FIRST time I posted the impact for 2005 since the information was just released today. You could not be a bigger idiot!

drmiler

on May 01, 2006

Bakerstreet

No this is the FIRST time I posted the impact for 2005 since the information was just released today. You could not be a bigger idiot!

I would think that "YOU" are the biggest one of all! And like bakerstreet said this was just another excuse. It really had "nothing" to do with GW hiding "anything"!

bakerstreet

on May 01, 2006

" This has been the process in the past. I have said that on many of my Blogs. However with the size of the deficit under Bush, it makes this practice MUCH MORE significant.

Yep, because it happened under Bush, it is MUCH MORE significant... to people who are obsessed with Bush. As for the idiot thing, lol, well, whatever gets you through the discussion. You just go to your happy place and think what you like.

COL Gene

on May 02, 2006

It is MUCH MORE significant because in 2000 we were not running a deficit. In 2005 we ran a $620 billion dollar deficit. I would say that a $620 billion dollar deficit is a bit more significant then NO DEFICIT. If the United States were a company we would be running a 28% loss.

Bush began a deficit the FIRST year he was in office and EVERY year the loss has gotten larger. Just like his two oil companies that he ran into the ground. If this is what you want for our country, you and anyone like you that attempt to defend Bush are what will eventually cause our country to fall. WE CAN NOT CONTINUE THE POLICY WE FOLLOWING. I believe I have summed it up in the preface of my book:

George W. Bush Robin Hood for the Rich

Preface

This book examines the policy changes that have taken place since George W. Bush became President of the United States. Although no amount of introspection can definitively predict the long-term impact of these policy changes, they can be examined on the basis of past events, social and economic theory and by the results and the reactions to date at home and abroad.

Regardless of how you view the way George Bush became President of the United States; no one can claim the American voters gave him a mandate for change. In November 2000 our nation was equally divided and the political atmosphere was very divisive. By 2004, in spite of President Bush’s pledge to restore a more positive atmosphere to our political process, we are even more polarized and he won reelection by about 2% of the vote. It is hard to recall a time since the Civil War when the divisions in our country were more intense. The laws that have been passed since January 2001 have moved us to the right and have been designed to benefit the wealthy of America at the expense of both the middle class and the poor. The spread between the haves and the have-nots has widened and we have turned to huge increases in debt to pay for the rapidly expanding Federal budget.

The economic impact of the Bush tax cuts is clear. The poor have received no benefit since they do not pay Federal Income taxes due to their income level. In addition, the static wage rates of the low paying jobs combined with rising costs have made the plight of the poor worse over the past five years. Middle income tax payers only received any real benefit if they had children under18 or from the elimination of the marriage penalty if both adults were employed. The alternate minimum tax provisions have actually harmed many middle income tax payers. The median benefit from the Bush tax cuts for middle income Americans has been estimated at $470 per year or less then $1.25 per day. When President Bush proposed his tax cuts Bill Gates and Warren Buffet, the two wealthiest people on earth, wrote to Mr. Bush and advised him not to cut taxes for the wealthy. They explained to the president the wealthy did not need a tax cuts and that the country had far more pressing needs for that money. Bush ignored their advice. The Chairmen of the Federal Reserve and the Secretary of the Treasury in 2001 advised the president to tie his tax cuts to the available surplus and NOT to return to annual budget deficits. The president ignored them.

When we view consumer debt and personal savings rates the results are very clear - we are heading for trouble. The average family credit card balance has jumped from $3,300 in the mid 1990’s to over $8,600 in 2005. The personal savings rate is the lowest since 1933 and in December 2005 it was negative. Americans took money out of the past savings to make purchases in December 2005. Personal bankruptcies are at an all time high. The Federal deficit, after subtracting the Social Security and Medicare surpluses of about $175 Billion, is over $400 billion in 2006. The national debt has jumped from $5.7 Trillion in January 2001 to $8.3 Trillion in January 2006. OMB has estimated the National Debt at the end of the Bush term will be about $10 Trillion and the annual interest will have jumped from $230 Billion in 2001 to $500 Billion by 2010.

In December 2005, David M. Walker, Comptroller General of the United States said, “The current fiscal policy is unsustainable.” He went on to say, GAO simulations indicate we could be facing “rising taxes 2.5 times today’s level or spending cuts of 60%.” He said that the fiscal burden that our policies have placed on Americans amounts to $350,000 for every full-time worker.

At the same time, President Bush in his 2007 budget is proposing that his tax cuts be made permanent and the Brookings Institute released a study that shows making the tax cuts permanent will add another $2 Trillion to the national debt by 2014. Both parties selectively use statistics to justify their positions. This book will lift the fog that has been used to mask the real conditions of the United States.

On October 20, 2004 George W. Bush at a diamond–studded fund raiser in New York gave us a very clear look through the window of his soul. Mr. Bush said, “This is an impressive crowd – the haves and the have-mores. Some people call you the elites; I call you my base.”

George W. Bush was not seeking the highest office in our land to be president of all the people, not even the majority, just his base –the wealthy. The policies he has implemented with the cooperation of the GOP in Congress have benefited his rich base at the expense of the middle income and poor of our country.

DJBandit

on May 02, 2006

More garbage. Col is running out of steam. BTW, there were riots during one of the protest from yesterday, you all know that's Bush's fault, right?

COL Gene

on May 02, 2006

The deficit is a direct result of the Bush tax cuts and his budget (spending). Bush did the same thing as Reagan with the same result – cut taxes while increasing spending. Bush 41 was correct when he called the Reagan economics and now GWB economics, Voodoo economics. Too bad the son is not as smart as the father! The father also said DO NOT invade Iraq! How did GWB turn out so dumb?

Daiwa

on May 02, 2006

Not that we really needed confirmation, but Gene is becoming more & more unhinged by the day.

No, Baker, you are not the only one who sees how deranged this blog is. Gene simply conjures up problems, just so he can blame them on ol' Dubya. Did you know that Dubya SHOULD NEVER HAVE BEEN GIVEN AN HONORABLE DISCHARGE? Did you know that?

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