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Friday, August 13, 2004

The Kerry Campaign's Funny Math

August 13, 2004
[T]he Kerry spending promises add up to an extraordinary amount of money. Our best estimate is that Kerry's proposals will add up to between $2 trillion and $2.1 trillion over the next ten years. Since the revenue from his tax proposals relative to the current baseline is actually negative, this implies that the Kerry proposal would increase the deficit by perhaps as much as $2.5 trillion over the next ten years. ...

What would he spend the money on? According to our analysis, roughly half of this additional spending is attributable to Senator Kerry's health care proposals that would add more than $900 billion in federal outlays. Education expenditure accounts for nearly one quarter of Kerry's new spending, with almost $500 billion added over ten years. A $400 billion expansion of military personnel and benefits for veterans comprises most of the remainder of Kerry's spending plans, with the balance distributed among numerous social programs and increases in international aid.

While making all of these promises, Kerry and his surrogates repeatedly have made the claim that they will restore fiscal discipline if elected. They have also promised to adopt a "pay as you go" rule that will guarantee deficit reductions. But they do this at the same time that they promise voters the moon and the stars. ... FR Reprint.

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