You promised in your January 2002 State of the Union Address — after 9/11, after the recession had started — that “our budget will run a deficit that will be small and short-lived.” (See Paul Krugman, as quoted by Brad DeLong.)
Is $300 billion a year a small amount of money?
Is a decade a short period of time?
If not, what good reason can you offer for not keeping your promise?
The CBO projects an annual average deficit of $300 billion for the ten-year period from FY 2002-2011, and that’s not including the fiscal impacts of extending the tax cuts or continuing the occupation of Iraq. The on-budget deficit is, of course, much worse: the money that should be building up in the Social Security Trust Fund to finance the retirement of the boomers is instead being diverted to finance the tax cuts for the half-a-million-a-year crowd.