“They’re operating in Never Never Land…. None of them are honestly addressing the real challenges that they’re going to be facing if they’re elected”
Barack Obama promises $4,000 credits to help pay college tuition. Hillary Rodham Clinton backs $25 billion for home heating subsidies. And John McCain wants to not only extend President Bush’s tax cuts, but eliminate the alternative minimum tax at a cost of about $2 trillion over 10 years.
Then there’s reality.
These campaign pledges _ and dozens more in the manifestos of the leading presidential candidates _ face a collision with the real world come January.
That’s when the new president will start putting together a real budget and economic plan, one drafted against the backdrop of record federal deficits exceeding $400 billion. Even more challenging is the growth of the Medicare and Social Security retirement programs, which budget experts say could require wrenching benefit cuts, politically difficult tax hikes or both to handle the retirement of the baby boom generation. Read more
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