Its bad enough that Bush’s tax cut is screwing the poor, it looks like he covered up the fact that we’re all getting screwed in the long run :

In the midst of negotiating a steep tax cuts package, the US government shelved a report that showed the United States faces future federal budget deficits of more than 44.2 trillion dollars.

President George W. Bush’s administration chose to keep the findings — commissioned by then-Treasury secretary Paul O’Neill — out of the 2004 annual budget report, published in February, London’s Financial Times reported.

The newspaper desribed the study as “the most comprehensive assessment of how the US government is at risk of being overwhelmed by the ‘baby boom’ generation’s future healthcare and retirement costs.”

The Financial Times hinted that the decision not to publish the report may have been because the White House was campaigning for a massive tax-cut package that critics claim will expand future deficits.

The study, according to the same source, said that sharp tax increases, massive spending cuts or both are unavoidable if the US 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,” the Financial Times said.

Wow. A 66% tax increase?! I hope the senate candidates are paying attention.

On a slightly related note, Salon has a laundry list of better ways to spend the $330 billion dollars that were given to the rich :

Amount needed to provide health insurance for all 9.2 million currently uninsured children for one year: $13 billion

Amount needed to provide health insurance for all 41.2 million uninsured Americans, including children, for one year: $98 billion

Amount needed to close state budget gaps across the country: $78 billion

Amount needed to end homelessness for chronically homeless people within 10 years: $1.3 billion per year to create and sustain 150,000 units of permanent supportive housing

Cost of USDA testing of 12,500 cattle samples for mad cow disease, in addition to homeland security measures such as physical security upgrades at lab facilities and background investigation of workers: $21.7 million

Estimated homeland security costs for full support of state and local emergency personnel in their efforts to prevent and respond to acts of terrorism for three years: $12 billion

Cost of compensating federal employees called to active duty in the uniformed services or National Guard for the difference between their civilian and military pay: $89 million over the 2004-2008 period

Estimated cost of spending for countermeasures against smallpox, anthrax, botulinum toxin, plague and Ebola under Project BioShield: $5.6 billion between 2004 and 2013

Personally, I’d rather bail out the states, help the homeless, provide universal health care, and increase funding for homeland security than give a bunch of money to the rich, but that’s just me…