Blame It On Bush
Treasury Secretary John Snow has announced that this year’s budget deficit will be smaller than originally forecast. Here’s more cheery economic news:
The White House in February projected a deficit of $423 billion, which would mark a record in dollar terms. Many private analysts, however, expect this estimate will be lowered when the administration releases its midsession budget review this summer. “One thing is pretty clear. With these strong revenues and the continuing attention to spending, the deficit is getting on the right path,” Snow said. “The president’s target of cutting the deficit in half is going to be met- is going to be exceeded, and that will be done ahead of schedule.” Snow said the goal of cutting the deficit in half could be met “several years ahead of schedule,” but he refused to be more specific.
Couple that with today’s signing of the tax cut extension, OPEC’s report that demand is slowing, with crude oil prices dropping after that report and you’d think we were in the midst of a pretty strong recovery, though you’d never know if if you only read the NY Times or listened to Harry Reid.
The bottom line on all this is that the President’s policies are working, regardless of what the NY Times or Harry Reid say.
Technorati Tags: Tax Cuts, Economy, NY Times, Harry Reid, Bush
Cross-post at LetFreedomRingBlog
May 17th, 2006 at 5:20 pm
At least President Bush are doing some things right.
May 17th, 2006 at 5:33 pm
Unless, of course, you look at the market today. With the ever-increasing price of energy, thanks to loose-gun Dick’s handing of our energy policy to Big Oil, and the environmentally-impacted price of food (global warming, hurricanes, flooding, not to mention the higher costs of transporting food thanks to the higher price of gas, etc.) removed from the overall Consumer Price Index, there was still a larger-than-expected increase of 0.3 percent in April. That means the price of things the average person needs, like housing and clothing, are going up.
I guess Bush’s whopping $20 to $45 tax cut for the poor and middle class will really go far.
You see, conservatives don’t like to consider the creep of inflation versus the stagnation of real wages. Figures from the most recent year available (2004) show that real wages decreased by 0.84% in just one year. Since 1982 (the baseline for most studies), real wages have increased by only 1.7%.
This helps to explain why most people think the economy isn’t booming as much as Bush says it is. Despite the windfall profits and enormous tax cuts (amounting to $42,000 for the wealthiest, just in today’s tax-cut bill), it just doesn’t feel like things are going that well.
Blame Bush, indeed.
May 17th, 2006 at 6:03 pm
[...] Cross-posted at California Conservative Categories: President Bush, Economy, Harry Reid | [...]
May 17th, 2006 at 7:21 pm
It was Greenscam who pushed for the government to overturn the
Glass, Steagall Act; even though it was enacted to prevent another
Depression. Common sense tells you, that by operating to serve the
special interests, the government will not be operating in the
national interest. The only hope for this country is to have public
financing of the candidates. Whoever pays the band calls the tune.
A nation divided against itself cannot stand — Abraham Lincoln.
May 17th, 2006 at 8:28 pm
[...] Earlier today, I wrote that OPEC was expecting oil surpluses for the rest of the year. If that happens, gas prices will come down, though not dramatically. [...]
May 17th, 2006 at 8:29 pm
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June 1st, 2006 at 1:35 pm
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