The Hiller Instinct: Show Me The Money

President Bush has expensive goals for his second term...maybe too expensive.

President Gorge W. Bus
"You've heard the agenda, social security and tax reform, moving the economy forward, education, fighting and winning the war on terror."

When Bush began his first term, he inherited a balanced budget and a national debt of 5.7 trillion dollars. Four years later, the federal budget has a deficit of 413 billion dollars, and the national debt is 7.6 trillion. Paying just the interest on that debt cost Washington nearly 300 billion dollars last year, about a thousand dollars for every person in the United States.

President Gorge W. Bush
"I do believe there ought to be budgetary reform in Washington, on the Hill, Capitol Hill. I think it's very important."

Meanwhile, worldwide, the dollar's value is shrinking. Our trade deficit has never been higher, and foreign countries that bought our bonds aren't convinced the federal government will ever balance its books. We owe Japan 800 billion dollars, and China more than 170 billion. If either of those countries decides their investment is too risky, They can dump the dollars for another currency, and put our economy in the dump.

President Gorge W. Bush
"I don't believe we need to raise taxes. I've said that to the American people."

The president also wants to make his trillion-dollar-plus tax cuts permanent, even though a report for congress warns that will push the billion dollar budget deficit into the trillions.

Add in the President's plan to privatize Social Security. more months of the war in Iraq at a cost of more than six billion dollars a month. And Invevitable increases in Medicare and Medicaid, and no wonder some wonder if America can still afford the American dream

Scott Lilly, Center For American Progress
"The only way that our economy can grow right now is if people borrow more and we've borrowed just about all we can."

Numbers are colorblind they're not red or blue republican or democrat. And the numbers say no matter who's steering our ship of state right now there's an iceberg ahead. And we're all on course to hit it.