Bush’s first Visa.

The Financial Times reports that a late 2002 U.S. Treasury study shows that we’re facing a minimum of a $44 trillion deficit, with a recommended remedy of an immediate 66% tax increase. The report was commissioned by then-Treasury Secretary Paul O’Neill. He was fired in December. The White House decided not to release the report.

It’s like our country is being run by an 18-year-old with his first credit card. We borrow a bunch of money from the future and declare that we’re rich. This is a dangerous game for Republicans: either they’re banking on no longer being in power when the bills come due (a la Governor Gilmore), or they’ll be left holding onto power…and left holding the bag.

Published by Waldo Jaquith

Waldo Jaquith (JAKE-with) is an open government technologist who lives near Char­lottes­­ville, VA, USA. more »