Yesterday George Bush forcefully defended his fiscal policies at his news conference. It was clear that Bush believes what he is saying despite that the results of the past 6 years show a total opposite reality. Bush again stated his disagreement with the criticism of Alan Greenspan who has said the Bush tax cuts and spending policies were irresponsible and have caused harm to our country. Bush also talked about the inability of Social Security and Medicare to pay the benefits that have been promised to the Baby Boomers that are getting ready to retire.
Bush totally ignored the fact that when he took office we had a balanced budget for the first time in over 20 years. The very first year he was in office he returned to annual budget deficits because of his tax cuts and increased spending. That policy has added $4 Trillion dollars to the debt of this country. Bush was warned in 2001 by Greenspan, O’Neil and Walker NOT to return to annual deficits and to tie any tax cuts to the so called surplus that Bush claimed was the justification for his tax cuts. Bush ignored the advice of the most knowledgeable experts in this country as to how he should manage our tax and spending policies. That refusal created the unprecedented debt that Greenspan criticized in his new book. For Bush to say he disagrees with Greenspan given both Greenspan’s track record and the fact the Bush fiscal policy has increased the debt MORE then ANY other President in our history, proves that Bush is delusional.
Then Bush turned to Social Security and its inability to pay the promised benefits. He said the reason that we have not resolved the Social Security funding problem is because Congress refused to pass the Bush suggestion to allow the creation of private accounts with part of individual Social Security taxes. The Bush suggestion would actually make Social Security even MORE unable to keep its promises. Thus what Bush said is totally opposite from reality. His plan not only would not solve the Social Security fiscal problem it would make the problem WORSE. What Bush suggested is like a person who intended to purchase a gallon of Milk for $3.00 who only has $2.00 in his pocket. He then offers to give the person in front of him $. 50 Cents to help them out. That would make him a $1.50 short of what he needed to purchase the milk.
Finally Bush turned to the inability of Medicate to keep its promises to the Baby Boomers. When Bush took office Medicare had a projected shortfall to meet future benefit payments. Bush and the GOP controlled Congress added to Medicare the Prescription Drug Plan without funding that new entitlement. Thus the action of Bush and the GOP took a serious problem and made it WORSE. Now Bush warns us about Medicare which he and the GOP made substantially worse.
If anyone else said the same things as Bush said yesterday they would be ignored as simply out of touch. The problem is that the person that is out of touch happens to be the leader of this country. To have a leader who is totally wrong and who refuses to look at reality is dangerous for the future our country!