Deficit update
Remember way back when — oh, just over a week ago — when I mentioned that the bad news on the federal budget deficit was going to get worse? Well, that didn’t take long, did it?
“The U.S. budget outlook continues to deteriorate,” wrote William C. Dudley, an economist at Goldman Sachs, after analyzing the government’s latest revenue data. “Our estimate of $300 billion for fiscal 2003 looks somewhat optimistic.”
If you were planning on receiving Social Security in about 20-25 years, I’m afraid it’s time to start making other plans. After an eight-year break, the Republican strategy to reduce your reliance on government programs (by systematically bankrupting the government) is back in effect.