Americans agree. Since December 2003, participants in the Washington Post-ABC poll have ranked the economy as the singlemost important issue in the election: above terrorism, Iraq, education, health care, and Social Security. Participants in the New York Times-CBS poll label the economy the one issue they would "most like to hear the candidates for president discuss during the 2004 presidential campaign."
Economists recommend that tax cuts (revenue stream) be balanced with spending cuts. Otherwise, ink runs red. In the 3.5 years that President Bush has been in office, non-partisan projections of the budget through 2014 have shifted from a surplus of $5 trillion to a deficit of $2.0 trillion, quite a reversal of financial fortune.
With that context, what are the candidates saying about the budget this campaign season?
President George W. Bush (R)
The following quotes are from the George W. Bush for President web site unless otherwise indicated.
- His Proposal
Our budget reflects the country’s most important priorities: fighting the war on terror and ensuring economic growth and recovery. We’ll continue to provide whatever it takes to defend our country, protect our homeland, and promote economic security.
The President’s budget calls for cutting the deficit in half over the next five years. His plan is to continue with pro-growth policies that will increase revenues into the Treasury while holding the line on Federal spending. Economic growth and good stewardship of taxpayers’ dollars will help us meet the President’s goal of cutting the budget deficit in half in five years.
- His Words and Record
Good stewardship of taxpaper dollars
In an hour-long interview with NBC's Tim Russert in February, President Bush said: "If you look at the appropriations bills that were passed under my watch, in the last year of President Clinton, discretionary spending was up 15 percent, and ours have steadily declined."
Annual growth in federal budget discretionary spending has been in double digits (11.8 percent) for the past three years. Contrast that with an average annual growth rate during Clinton's eight years of 2.4 percent.
Moreover, discretionary spending -- subject to annual legislative appropriations unlike entitlement programs like Social Security or Medicare -- grew only 5.6 percent in Clinton's last budget year, not the 15 percent claimed by the President. [FactCheck.org]
On spending in 2000 campaign
Spending without discipline, spending without priorities, and spending without an end. Al Gore’s massive spending would mean slower growth and higher taxes. And it could mean an end to this nation’s prosperity. [Speech, Minneapolis, Nov 1, 2000]
The following quotes are from the John Kerry for President web site unless otherwise indicated.
- His Proposal
By borrowing from future generations to give tax relief to those who need help the least, George W. Bush’s economic policies have, for the first time in history, forced the federal government to spend $1 billion more EACH DAY than it takes in. John Kerry believes that we need a smaller and smarter government that wastes less money. He has put forward a sensible plan that will at least cut the deficit in half in his first term, while investing in economic growth and investing in workers. To restore fiscal discipline and strengthen our economy, Kerry will repeal Bush’s special tax breaks for Americans who make more than $200,000. He will cut excesses in government and rein in out of control spending.
- His Words
Q: How will you balance the budget?
A: The first thing we have to do is to roll back the Bush tax cut for the wealthiest Americans. Fiscally responsible tax cuts for working families can grow the economy, but there is no excuse for special tax cuts for the rich. Then we can create jobs and invest in our people. With the right economic plan, we can turn our economy around, invest in people and reduce deficits all at the same time. [MoveOn.org, June 17, 2003]
