Saturday, October 07, 2006

Federal Deficit Down to $250 Billion

“Have you heard the news about the Federal deficit?” I asked a liberal who hadn’t care about the Federal deficit any time prior to the Bush administration. But who, in recent years, considers it a most important issue. However, the answer was “No, haven’t heard a thing”. This liberal should read Budget Deficit Drops to $250 Billion Washington Post article by Andrew Taylor (Associated Press) Saturday, October 7, 2006.

It includes:
■ “The federal budget deficit estimate for the fiscal year just completed has dropped to $250 billion”
■ “Tax receipts are up $253 billion, a whopping 12 percent over last year. That's the thirds consecutive year of strong revenue growth”
■ “comes despite soaring war costs and $50 billion in emergency spending for hurricane relief”
■ “The 2005 deficit registered $318 billion; the record $413 billion deficit was posted in 2004.”
■ “At 1.9 percent of gross domestic product, the 2006 deficit registers far below those seen in the 1980s and early 1990s”

Thinking it the worst economy since the 1930s great depression, my liberal friend laughed when President George W. Bush ran for re-election and pledge to cut the deficit in half in five years. So far, it’s down 39%, the unemployment rate is down to 4.6 percent, and the Dow Jones Industrial Average has hit record highs.

I guess we can all agree Bush is doing a pretty good job. Yes?

2004 Deficit $412 Billion
2005 Deficit $318 Billion


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