This is the report O'neill did while Sec. Treasurer- The WH fired him

[cthrumatrix]

White House Shelved 44 Trillion Deficit Report?
By Peronet Despeignes of the Financial Times
May 30, 2003, 10:21



Thursday 29 May 2003

Study commissioned by O’Neill sees $44 trillion in red ink

The Bush administration has shelved a report commissioned by the Treasury that shows the U.S. currently faces a future of chronic federal budget deficits totaling at least $44 trillion in current U.S. dollars.

The study, the most comprehensive assessment of how the U.S. government is at risk of being overwhelmed by the “baby boom” generation’s future healthcare and retirement costs, was commissioned by then-Treasury secretary Paul O’Neill.

But the Bush administration chose to keep the findings out of the annual budget report for fiscal year 2004, published in February, as the White House campaigned for a tax-cut package that critics claim will expand future deficits.

The study asserts that sharp tax increases, massive spending cuts or a painful mix of both are unavoidable if the U.S. is to meet benefit promises to future generations. It estimates that closing the gap would require the equivalent of an immediate and permanent 66 percent across-the-board income tax increase.

snip

http://www.chewinthefat.com/artman/publish/article_271.shtml
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AND the actual Federal Reserve Report Documenting the $44 Trillion!

http://www.ngiweb.com/FiscalReport.pdf

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This is a "ticking timebomb" that our government is avoiding. I listened to a one hour review of this issue today on the Financialsence.com saturday interview take a listen:

http://www.netcastdaily.com/fsnewshour.htm (the interview with Laurence Kotlikoff)

[kalian]

1. You tell the truth...you get fired if lucky....

killed if you're a nobody.

[cthrumatrix]

3. O'Neill was also against the tax cuts with the massive deficits...in other

words...he was doing his job and following fiscal repsonsibility.

Unlike the thieve we have in office.

If you read a little (an old Bus Week article) talked about how his appointment was odd...becuase he really wasn't a "bush insider"....which means he wasn't bush's puppet.

[wtmusic]

2. Paul Krugman's book 'The Great Unraveling'

essentially argues the same point. Great reading.

[Media_Lies_Daily]

4. He also got tired of going to Congress for increases in the debt...

...ceiling. I think the debt ceiling has been raised five times so far to disguise the actual damage to the economy.

[CityZen-X]

5. O'Neill The Real Deal

Mr. O'Neill gives the true meaning of what it means to be a patriot. He who is not bound by his Earthly possessions from speaking out for honor and the truth. I have got your back Paul, with a clear picture of the traitors!

[cthrumatrix]

6. If the media breaks bad on this guy....it will backfire....the people will

finally see the complicty of our media....they had access to experts on the pre-war data....lord knows DU talk about it all day.

Paul O'Neill is a man of integrity...has lived a long life...doesn't need money...and should be "man of the year" for telling the truth.

[Elidor]

12. Let's not enshrine him as St. Paul just yet

It's nice that he's dumping on Bush, but O'Neill is still one of the biggest kooks ever to serve as Treasury Secretary. Before he was fired, he made some of the most amazing and cynical comments regarding America's poor. He's still a plutocrat, just a disgruntled one. Even a broken watch, etc., etc.

[quaker bill]

7. This is why the 'tax cut' meme must die

44 Trillion dollars does not grow on trees. This problem takes paying taxes now or extremely harsh benefit cuts later to resolve.

The republicans have dug us a very deep hole. Only one candidate seriously is looking to address it. The rest are all offering more tax cut based Vodoo Economics.

The truth is not popular, you begin to sound a bit like Jeremiah when you tell it. But the threat is very real and just below the horizon

[bleedingheart]

8. ONeill's fault was having common sense and business savvy

He is the only one of them that was truly a success and who did not build his career on political favors. If you think about it, Rumsfield, Cheney ..etc all started in government as hacks...who then used their government connections to land cushy jobs. ONeill is the real deal...he was a successful businessman and I bet he would put his republican ideaology aside for what is right...

[the_real_38]

9. thanks for the link...

I remember when this first came out as an obscure story on Yahoo. None of the major networks carried it, when this is the biggest news on America's future to come out in the last 10 years.

It's hard living in a country where you can see what's going on , and 99% of the people can't.

[readmylips]

10. OK Mr. O'Neil, come forward and ...

endorse a democrat candidate. I hope it's Dean but any of the great candidates is geat too.

[cthrumatrix]

11. let him come forward with the truth ...the rest will take care of itself

Clark and Dean will be all over this...not to worry