President Bush's last budget, writes the New York Times, "...is a grim guided tour through his misplaced priorities, failed fiscal policies and the disastrous legacy that he will leave for the next president. And even that requires you to accept the White House’s optimistic accounting, which seven years of experience tells us would be foolish in the extreme...
What will definitely outlast Mr. Bush for years to come are big deficits, a military so battered by the Iraq war that it will take hundreds of billions of dollars to repair it and stunted social programs that have been squeezed to pay for Mr. Bush’s misguided military adventure and his misguided tax cuts for the wealthy.
The president claimed on Monday that his plan would put the country on the path to balancing the budget by 2012. That is nonsense. His own proposal projects a $410 billion deficit for 2008 and a $407 billion deficit next year. Even more disingenuous, Mr. Bush’s projection for a balanced budget in 2012 assumes only partial funding for the wars in Iraq and Afghanistan for 2009, and no such spending — zero — starting in 2010.
It also assumes that there will be no long-running relief from the alternative minimum tax — which would be ruinous for the middle class — and that there will be deep cuts in Medicare and other health care spending that have proved to be politically impossible to enact.
Read the entire editorial here.