Monday, July 16, 2007

Why isn't this in the news?

WASHINGTON -- There is some very good news in the battle to slay the budget deficit. It is being cut in half well ahead of forecasts, offering fresh evidence that reducing federal tax rates does not undermine government revenues. The Bush administration has a lot of problems on its plate, both foreign and domestic, but the budget deficit is not one of them. This is one area where President Bush's policies have been a resounding success, though don't expect to see this reported on the nightly network news shows.

The Office of Management and Budget announced last week that the annual deficit, estimated at $400 billion just a few years ago, will be $205 billion by the end of this fiscal year (which ends in September).

That's still a lot of money in a nearly $3 trillion-a-year budget, but it is 1.5 percent of the gross domestic product (the measure of everything that our economy produces each year) and it's racing downward.

The latest forecast represents a $43 billion decline from last year's deficit, which has been shrinking for three years in a row.

The administration says it is solidly on track to balance the budget in five years when it will turn into a $33 billion budget surplus by 2012. But I think OMB is much too conservative in its timeline projections. If the economy continues to perform well, as I think it will, and the president keeps the lid on federal spending, as he plans to do, we will likely reach a surplus well before 2012.

From Townhall
Blogger won't publish links

Or this from Family Security Matters

The American people have been sold out, our government allows us the fiction that we are the source of their power, their mandate. I am not a conspiricy theorist,,,, yet! Remember, once is accident, twice is coincidence, three times is enemy action.
Keep your head up and your powder dry.

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