September 13, 2007

GWB Tax Cuts Power Economy - Increased Tax Receipts Expected to Yield Massive 36% Drop in Deficit

The Democrats don't want you to think about how well the Bush economy is doing, even though Bill Clinton's campaign slogan was  "It's the economy, stupid."  Whoever wrote the headline for this AP story doesn't want you to think about it - he gave it the yawner headline, "Federal Deficit Running Lower This Year." But the facts are, the GWB economy has  boosted income and tax revenue so much, that the budget deficit is expected to drop by over a third compared to last year. That's an anticipated drop of over 90 billion dollars:

From AP:

WASHINGTON (AP) - The federal deficit is running sharply lower than last year even though spending in August set an all-time high, the government reported Thursday.

The Treasury Department said that the deficit through the first 11 months of this budget year totaled $274.4 billion, down 9.8 percent from the same period a year ago.

Analysts believe the deficit for all of 2007 will actually be even lower because they are forecasting a sizable surplus in the final month, reflecting in part timing issues that caused about $44 billion in Social Security and Medicare payments that normally would have been made in September to be shifted into August.

The Congressional Budget Office is forecasting that when this budget year wraps up on Sept. 30, the deficit will total $158 billion, down by 36.2 percent from last year's $248.2 billion deficit.

The government's books have been helped this year by record flows of tax receipts, which have continued even though economic growth has been reduced by a serious slump in housing.

No major, successful terrorist attacks since 9-11 - and a booming economy. These are the kinds of achievements that any president could be proud of. It's only the constant brainwashing of the public by the biased MSM that hides this from the people.

See also these previous posts: 

The GWB Tax Cuts Worked - Dow Winning Streak Among Longest Ever - Yet Dems Want to Raise Taxes

"Federal Deficit Declines Sharply, Down 25 Percent"

The GWB Tax Cuts Worked: Strong Growth in Jobs and Wages

The GWB Tax Cuts Worked: Tax Receipts Show Biggest Gain in 25 Years

The GWB Tax Cuts Worked: Tax Cuts Power Growth in Consumer Wealth *and* Cut Deficit

The GWB Tax Cuts Worked: More Great News on the Economy

The Tax Cuts Worked-Economic Expansion: Year Five

The GWB Tax Cuts Worked: Tax Cuts Power the Economy

The Bush Tax Cuts Have Resulted in Higher Tax Revenue

Lower Taxes Make the Economy Stronger

Lower Tax Rates Are Resulting In Higher Tax Revenue

A Myth Debunked: Bush Tax Cuts Did Not Favor the Rich

Tax Cuts Work: Government Forecasting Incorrectly Thought Tax Costs Would Reduce Tax Revenue