Tuesday, January 27, 2004

Deeper, Baby! Deeper!

The Congressional Budget Office released its new deficit projection numbers yesterday and, well, it ain't erotic poetry, but it does paint a picture of something squishy, deep, and penetrating to the core. (Yes, I'm just trying to boost my hits with that sentence.) This is, of course, on the hells of Bush's assurance to his Republican constituents (everybody else knew he was lying) in last week's State of the Union address that he was going to cut the deficit in half in the next five years. I don't guess the CBO got that memo.

Max explains:

Around the end of this period [2014], the Baby Boom retirements are revving up and we could transition from trouble to deep doo-doo, as redemptions of Social Security and Medicare Trust Fund assets soak up more income tax revenue.

At that point, President Neil Bush might as well redesign Old Glory to depict Chiquita Banana. That's the shape we'll be in. Or perhaps he will request that the U.S. be annexed as a new province of the Peoples Republic of China. If you don't like it, you must hate America.

For more, see Krugman.