Having spent 15 months promising one new big-spending program after another, John Kerry finally got around to offering his "budget plan" in a recent speech at Georgetown University. He earned an A in rhetoric and an F in math.
Citing a "fiscal cancer" that he blamed on the Bush administration, Mr. Kerry's speech was filled with distortions. In particular, for fiscal 2009, the year by which Mr. Kerry pledges to cut the current deficit in half, his rhetoric seems to exceed his math by a cool trillion dollars
Well, if it is true that 94 percent of today's deficit problem can be traced to two cancer-causing sources, then why doesn't Mr. Kerry simply pledge to resurrect the "trillions in budget surpluses" by ending the "excessive spending" and terminating "the ineffective tax giveaways for the wealthiest Americans"? He won't because he can't.
the cumulative, 10-year surplus forecast by the Congressional Budget Office (CBO) the "trillions in budget surpluses" about which Mr. Kerry speaks peaked at $5.63 trillion in CBO's May 2001 analysis. That forecast projected a $718 billion surplus in 2009, before consideration of President Bush's 2001 and 2003 tax cuts. Now, Mr. Kerry's goal for 2009 is a deficit of $250 billion, which is half the size of the current $500 billion deficit. In other words, even if Mr. Kerry reaches his deficit goal by reversing much of what he considers to be terrible policies, for a single year (2009) he will still fall nearly $1 trillion below CBO's surplus projection of $718 billion. Clearly, there is much more to the collapse of the surplus projections. In retrospect, much of "trillions in surpluses" related to the erroneous expectation that unsustainable revenue streams flowing from the Clinton-era stock-market bubble would continue undisturbed and indefinitely into the future.
If Mr. Kerry and his fellow Democrats really believe what the presumptive Democratic nominee said at Georgetown, then let them produce a budget plan eliminating those taxes and reinstating those surpluses.