US federal deficit tops 400 billion dollars in 11 months
If you follow the link, you’ll see that that was an article from 2003. Bush’s economic juggernaut was humming along pretty good at that time, and the blame was being heaped on with extra helpings.
All we heard was that if we didn’t wake up and stop those infernal tax cuts “for the rich” immediately, the wheels would fall off of the economic wagon and we’d all die! OK, I embellished a bit at the end, but you get my point; we were made to believe (or at the least, they attempted to make us believe) that we simply had to make the “rich” pay more again or we’d be up a creek without a paddle.
Well, isn’t that just so interesting. Bush has been able to maintain the tax cuts, at least for the time being, and what has it wrought? Nothing less than this:
“WASHINGTON (AP) – The federal deficit is running sharply lower through the first eight months of this budget year as growth in revenues continues to outpace the growth in spending. The Treasury Department said that the deficit through May totaled $148.5 billion, down 34.6 percent from the same period a year ago. That improvement came even though the deficit in May increased to $67.7 billion, up 57.8 percent from May 2006. However, analysts attributed this big increase to the fact that the Internal Revenue Service was more efficient in processing tax returns this year, meaning more revenue was collected in April with fewer tax collections left to be counted in May.” Astonishing. More from the article:
The increase in revenues has been supported by continued strength in corporate profits and low unemployment, which has helped to push individual income taxes higher.
Three Liberal myths dispelled in one, concise sentence…
-
Despite all of the liberals’ caterwauling to the contrary, corporations do contribute to the tax revenues. Huh, whodathunk?
-
If the increase in revenues is partly attributable to low unemployment, then I guess the excuse that “people quit looking” goes out the window. Right??
-
Individual incomes are…wait for it…higher! Not lower, as has been the plaintive neying of the left. Individual income taxes are higher because more people are working. It’s a collective statement.
Imagine folks, where we would be with those tax cuts, and without 9/11 and the havoc it wreaked on just the airline industry alone. Then factor in the war, which would not have happened. How high would the surplus actually be under that scenario? One can only wonder.
One more point to ponder, and this is a fun one for those of us on the right; We hear “brilliant” singers, actors and other entertainer-types tell us how “dumb” Bush is and yet, he was smart enough to lie them all into war. It just doesn’t compute.
But here’s another practical joke he’s managed to pull over on all of us…he said he was going to cut our taxes. BAH! He actually found a cunning way to get more tax revenues while we cheered him on.
What a moron!
-Woody
