Bush’s tax-cuts aren’t helping U.S.

Remember “fuzzy math?” That was President Bush’s colorful characterization of Al Gore’s social security and Medicare scheme during the never-ending 2000 presidential election. Well, it seems Bush had it all wrong. Apparently, he’s the fuzzy-numbered one. The president is cockeyed when it comes to taxes. The dimmest of us are boggled that he hasn’t emerged from the fog of fiscal delusion. In case he gets this memo: George, you can’t slash taxes to the tune of $550 billion, provide a federal prescription drug benefit, increase spending for Medicare and defense (to fund the ongoing war on terrorism); meanwhile, pay down the national debt —- and then dream the budget somehow will balance itself. The first Bush concocted the wonderful pejorative “voodoo economics.” It was a term invented before most of our times but in a similar context. During the 1980 Republican presidential nomination, Ronald Reagan campaigned on cutting taxes while increasing defense spending. President Bush 41 referred to Reagan’s ill-fated policy as voodoo economics because reducing income while increasing spending is contrary to reason. The result was a Reagan victory and a $4 trillion debt eight years later … the same debt plaguing our lackluster economy today.

The current Bush took his case to the people. Last Thursday, Bush went to Lima, Ohio to strongarm deficit-disdaining Ohio Sen. George Voinovich into supporting his original $726 billion tax cut package. Even standing in front of an Abram’s tank plant, Bush was unable to persuade Gore.

Now, here’s why the budget matters to students. Hopefully, most of us will graduate shortly and be on our way to prominent careers. The only way we will realize the pot of gold at the end of the proverbial college rainbow is if we get jobs. If the federal debt increases, as it obviously will under Bush’s framework, inflation rises, our money loses value, things cost more and businesses go caput —- all culminating in fewer jobs for all.

But we have everything else to worry about, and taxes won’t matter until we are older. The problem is that the taxes you will pay in 10 years are being implemented through tax policy today. Next time you hear Bush bloviating about his rich buddies’ burdensome taxes, remember Bush’s philosophy failed tragically during the Reagan administration. If we give that policy another opportunity, it’s likely to break the back of our economy and eliminate those jobs for which we’ve been studying so hard to be qualified.