The Sky's Not Falling, You're Just Getting Taller
"I know I said I was going to sock you in the chin and in the gut, but I've decided to punch you only in the stomach. Isn't that good news?"
"But before you entered my life, I wasn't going to get punched at all!"
Oooopphhhh!
That little scene is from what I would like to call the Bush Deficit Players Theater. Let's run the history tape, shall we?
A strong economy, driven by solid corporate profits and capital gains, played the key role in reducing this year's federal budget deficit from a projected $423 billion in February to the $296 billion announced by the White House Tuesday.
As for the deficit's direction, the White House Office of Management and Budget said the deficit would go back up again in fiscal 2007, which begins Oct. 1, to an estimated $339 billion.
I guess he's happy since in July of 2007 he can say, "The deficit is only $275 billion--way less than we predicted." And somewhere George H.W. and Barbara are thinking, "When he was in Yale, didn't he always tell us he was going to fail, then beam ear-to-ear when he got all those C's?"
"But before you entered my life, I wasn't going to get punched at all!"
Oooopphhhh!
That little scene is from what I would like to call the Bush Deficit Players Theater. Let's run the history tape, shall we?
WASHINGTON (CNN) -- President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.
[...]
In June, the administration predicted the surplus would be $211 billion, and would increase by as much as $1 trillion over the next 10 years.
"The key to fiscal discipline is maintaining these results year after year. We need to put our priorities in order," Clinton said.
While yesterday we got this exciting news from a positively crowing President Bush, in what should be year 6 on the way to that trillion dollar surplus that won't be:A strong economy, driven by solid corporate profits and capital gains, played the key role in reducing this year's federal budget deficit from a projected $423 billion in February to the $296 billion announced by the White House Tuesday.
Somehow Bush finds all of this rosy, even when the story includes this kicker:
As for the deficit's direction, the White House Office of Management and Budget said the deficit would go back up again in fiscal 2007, which begins Oct. 1, to an estimated $339 billion.
I guess he's happy since in July of 2007 he can say, "The deficit is only $275 billion--way less than we predicted." And somewhere George H.W. and Barbara are thinking, "When he was in Yale, didn't he always tell us he was going to fail, then beam ear-to-ear when he got all those C's?"
posted by George at 5:08 PM
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