Social Security: White House Pops Champagne; Deficit Now Only Fourth-Highest in History

At the Executive Mansion this morning, Bush administration aides broke out the bubbly about a new report they aim to spin as good news: the budget deficit created by Bush policies now looks slightly less huge than feared:

President Bush hailed new budget figures released this morning that shows the deficit is $127 billion less than what he predicted earlier this year.

Bush credited the revised number to his economic policies including tax cuts, efforts to rein in federal spending as well as his pro-growth policies.

"This good news is no accident," he said in a short speech from the White House. "It is the result of the hard work of the American people and sound policies in Washington, D.C."

Earlier this year, Bush suggested the deficit would be $423 billion, but the mid-year budget review released this morning shows the revised figure to be $296 billion.

Just great, Mr. President, but one question: how does running any deficit put us in better position to put enough aside in the trust fund -- that Bush claims doesn't exist -- to pay for the retirement of the baby boom generation? And why has President Bush embraced a private-accounts 'reform' plan that, in the process of undercutting retirement security, would make the budget deficit worse?

Posted by Americans United For Change Web Team