[star]The American Mind[star]

October 11, 2006

Deficit Down Thanks to Taxpayers

President Bush can take credit all he wants for the 2006 budget deficit, "the smallest amount of red ink in four years" to use the AP's words. What disappoints me is how the deficit went down:

Both spending and tax revenues climbed to all-time highs in 2006. The sharp narrowing of the deficit reflected the fact that revenues climbed by 11.7 percent, outpacing the 7.3 percent increase in spending.

That's more money being sucked out of private hands and into a government that's incapable of spending it wisely. Imagine where the deficit would be if Congress could control its spending appetite and the President was willing to veto a spending bill.

"Federal Deficit Now Lowest in 4 Years" [via Blue Crab Boulevard]

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Posted by Sean Hackbarth in Economics at 12:21 PM | Comments (4) | Trackbacks (0)