For Immediate Release:
Contact: Ian Mathias 410-864-1652 imathias@agorafinancial.com
February 6, 2007 Bush's New Budget Defies Logic, Ignores Debt…Again (Baltimore, MD) Yesterday's release of President Bush's 2008 Budget speaks volumes for the dismal economic future of the U.S. Through "spending restraint" and "pro-growth policy" President Bush's new budget aims to both eliminate federal deficit and also strengthen the U.S. economy. However, closer examination reveals a budget that does little more than sing its own praises while upholding the same fiscal policies that have made the U.S. the most indebted nation in the history of the world. "The language of the new budget is really appealing," said N.Y. Times bestselling author Addison Wiggin. "But when you take a closer look at the numbers, the whole plan seems grossly inadequate." Wiggin, author of Empire of Debt, used Bush's plan to eliminate the deficit as a chief example of the President paying lip service to wild U.S. spending habits. "Bush plans to eliminate the national deficit by 2012, which is fantastic," said Wiggin. "But he only projects to cut the current deficit by 3.7% by the end of his presidency." Last year's deficit, according to the AP, was $248 billion, this year's is projected to drop 2.6% to $244 bil, and the 2008 budget is on track to decrease 3.1% to $239 bil. "I guess the other 96.3% will be up to his successor," suggested Wiggin. The new budget also promises to "invest in the nation's prosperity…invest in education…spend taxpayer dollars responsibly…and promote diversified energy sources." However, according to Wiggin, actual monetary allocations reveal Bush's real spending loyalties. "The 2008 budget for defense spending ($624.6 bil) is greater than the allotted budgets for education, agriculture, commerce, energy, the EPA, homeland security, housing and urban development, the interior, justice, state, transportation, labor, NASA, corps of engineers, judiciary, and veterans affairs departments…combined!" "If that isn't a tremendous misallocation of tax payer dollars," commented Wiggin, "I don't know what is." Addison Wiggin is the editorial director of The Daily Reckoning, a daily, free e-letter that weaves information about the financial world, investing, and everyday life into an educational and entertaining format. Along with Bill Bonner, Wiggin is the author of Empire of Debt - a New York Times Bestseller that draws attention to the ever-rising U.S. debt crisis. He also serves as the executive publisher of Agora Financial, a multi-million dollar financial research firm and publishing group based in Baltimore, Maryland. Source: www.dailyreckoning.com ###
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