Hot Economy Drives Down U.S. Deficit
COMMENTLINES
It's the economy, stupid.
Even with all of the cautionary blather that follows, the opening salvo from the Times story, Surprising Jump in Tax Revenues Curbs U.S. Deficit, says it all:
An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief.
President Bush says, "The tax relief we delivered has helped unleash the entrepreneurial spirit of America and kept our economy the envy of the world."
However, not to go a moment without spin from the crisis mongers and pessimists, those who hate Bush say:
Overall revenues have barely climbed back to the levels reached in 2000, and that the government has spent trillions of dollars from Social Security surpluses just as the first of the nation's baby boomers are nearing retirement.
But in the end, they only remind us about how vaporware Clintonomics led to the dot.com meltdown in 2001.
Another favorite myth busted by the news is the notion that tax breaks help only the rich when one-third of all income taxes are paid by households in the top 1 percent of income earners.
More interesting is the fact that, with the over the top spending, compared with the size of the economy, tax revenues are still below historical norms and far below what the administration predicted as recently as 2003.
NEWSBYTES
Surprising Jump in Tax Revenues Curbs U.S. Deficit
WASHINGTON, July 8 (NYT) -- An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief.
Federal Deficit May Fall Below $300B
WASHINGTON (AP) -- The federal deficit appears on track to register less than $300 billion for the budget year ending Sept. 30, as surging tax revenues continue to signal significant improvement over White House estimates released in February _ though only modest gains over last year. More.
Tags: Financial, Economy, taxes, United States, War, Military, terrorism, Bush, Republicans, Democrats, deficit, Budget
Global Tags: Washington DC, News and Politics, News, Politics, Current Events, Current Affairs, Life, Culture, Tension
It's the economy, stupid.
Even with all of the cautionary blather that follows, the opening salvo from the Times story, Surprising Jump in Tax Revenues Curbs U.S. Deficit, says it all:
An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief.
President Bush says, "The tax relief we delivered has helped unleash the entrepreneurial spirit of America and kept our economy the envy of the world."
However, not to go a moment without spin from the crisis mongers and pessimists, those who hate Bush say:
Overall revenues have barely climbed back to the levels reached in 2000, and that the government has spent trillions of dollars from Social Security surpluses just as the first of the nation's baby boomers are nearing retirement.
But in the end, they only remind us about how vaporware Clintonomics led to the dot.com meltdown in 2001.
Another favorite myth busted by the news is the notion that tax breaks help only the rich when one-third of all income taxes are paid by households in the top 1 percent of income earners.
More interesting is the fact that, with the over the top spending, compared with the size of the economy, tax revenues are still below historical norms and far below what the administration predicted as recently as 2003.
NEWSBYTES
Surprising Jump in Tax Revenues Curbs U.S. Deficit
WASHINGTON, July 8 (NYT) -- An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief.
Federal Deficit May Fall Below $300B
WASHINGTON (AP) -- The federal deficit appears on track to register less than $300 billion for the budget year ending Sept. 30, as surging tax revenues continue to signal significant improvement over White House estimates released in February _ though only modest gains over last year. More.
Tags: Financial, Economy, taxes, United States, War, Military, terrorism, Bush, Republicans, Democrats, deficit, Budget
Global Tags: Washington DC, News and Politics, News, Politics, Current Events, Current Affairs, Life, Culture, Tension
posted by Steven Moyer at 4:17 PM
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