In response to the news (pointed out by AB below) that the actual cost of the Bush administration’s vaunted Medicare drug benefit will be far more than they first admitted, Democratic Congressman Rahm Emanuel states the obvious:
“The new cost estimate destroys the credibility of the Bush administration. Officials were so far off in estimating the cost of the Medicare law. Why should we believe what they say about the financial problems of Social Security?”
My only quibble is to point out that Emanuel’s statement implies that the Bush administration had some credibility to begin with. When it comes to budget estimates, it lost that credibility long ago.