Our world-class debt creators.(The Last Word)

If an auto repairman estimated the charge for his work would approach $2,500, you would probably feel a lot better if the final tab didn't even exceed $2,000. The cost still made a painful dent in your bank account, but you also know it could have been worse. But what if the mechanic gave you a high figure knowing you'd be somewhat relieved to learn that the repair cost less than expected?

Did government leaders perform similarly a few months ago? Earlier this year, the Bush administration's economists projected an enormous $455 billion deficit for fiscal year 2003. At the close of the fiscal year on September 30, they announced that the actual shortfall turned out to be a mere $374.2 billion. Never mind that was more than double what it was a year ago! Joshua B. Bolten, director of the White House Office of Management and Budget, called the lower figure "an encouraging sign that our economy is gaining momentum."

In other words, don't worry about this huge addition to the already staggering national debt because things aren't as bad as the experts predicted. And, by the way, don't be concerned when Mr. Bolten forecasts that the deficit for fiscal year 2004 will exceed $500 billion. Also, don't fret if you learn that the Congressional Budget Office projects that the next 10 years will add another $5 trillion in red ink.

The largest previous deficit for a single year topped out at $290.4 billion in 1992 when the elder Bush occupied the White House. Last year, after four consecutive annual surpluses according to government bookkeeping, the federal ledger showed an annual deficit of $157.8 billion. Should we not conclude that when a Bush is in charge, debt reaches flood proportions?

The current President Bush has assured the nation that tax cuts would produce jobs that would result in more tax revenue. But the jobs haven't materialized and neither has the expected boost in tax revenue. His tax cuts actually account for approximately half of the $374.2 billion deficit. If taxes had been lowered through less government, the tax cuts would have benefited the economy. Instead, government spending has actually risen by 24 percent since the dawn of the era of "compassionate conservatism."

Over the past year, the national debt has increased (on the average) by $1.58 billion per day. As of October 20, 2003, the total national debt stood at $6,834,248,759,903. If we consider the U.S. population to be 280 million, this means that every man, woman and child in this land of the free and home of the brave owes approximately $24,000. Because less than half of the population is working, the debt share per worker ...