Word: deficits
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Dates: during 1980-1989
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Bush argues that his budget proposal will reduce next year's national budget deficit to $91.1 billion. Unfortunately, how the new president will bring the deficit down by over $70 billion during the next year remains a mystery. The expanding economy will lead to increased revenue in the coming year, but not enough to decrease the deficit as much as Bush has claimed. Bush has essentially left the politically unpopular task of deciding specific cuts up to Congress...
...Basing a deficit-reduction plan on the tried-and-failed notion that tax breaks for the wealthy, not specifically targeted for research and development, will spark renewed economic transactions and thereby bring in new revenue to the government seems, at best, dubious economic policy...
...short, for all its commendable aims, the Bush budget proposal has failed to specify how it will reduce the deficit. He has not proposed any of the most accepted methods of cutting the budget deficit: increasing taxes or cutting Social Security or defense spending. It is not enough for Bush merely to summon the nation to a "mission of goodness and greatness...
...Senate Budget Committee Chair James Sasser (D-Tn.) said, "Overall the budget does not meet the rigorous economic demands of this moment in history." By putting off the tough choices that must be made to reduce the deficit, President Bush has merely jeopardized his own priorities for the future...
...improvement has at least temporarily stalled. The trade gap has defied such remedies as the dollar's steep two-year decline, which was expected to slow Japanese exports to the U.S. by making them more expensive. One reason for the lack of success is the still considerable U.S. budget deficit (fiscal 1988 total: $155 billion), which overstimulates the American economy and its demand for Japanese products...