MORE ON HACKSPAN

Greenspan's Warning on Deficit Ignores His Role in Its Growth
3/7/05

One recent study by the Center on Budget and Policy Priorities, a nonpartisan research group, found that of all the federal policy changes since 2001 that had enlarged the deficit, tax cuts contributed 48%, followed by increases in defense and homeland security at 37%, and domestic spending at 15%.The best estimate is that over the next 75 years, Bush's tax cuts will cost $11 trillion — about triple the projected Social Security shortfall over the same period that Bush has labeled a crisis.

As Greenspan noted last week, today's young people face the prospect of exploding interest costs (projected to exceed $300 billion by 2010) to fund our rising debt — even as our retirement and the unrelenting rise in healthcare costs saddle them with soaring bills for Medicare, Medicaid and Social Security.