It’s a long way from the days when Congress was arguing over how to spend the surplus, but it’s noteworthy that the federal deficit shrank from 2004’s record $412 billion to $319 billion for the 2005 budget year that just ended. Too bad the progress, attributable to higher tax revenues because of the economy’s improvement, will be undone by the monumental costs of rebuilding the Gulf Coast.
Posted by Rhonda Holman
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16 Comments
Hmmm, no comments on this one? Does Bush get credit for lowering the debt by $93 billion, or is it just due to a better economy? Oh wait, if the economy is doing better, how could Bush possibly be credited for that?
HOORAY FOR BUSH!There how was that?
Now, only another 319 BILLION (that’s billion, with a B) to go.HOORAY FOR BUSH!
WILL HE TAKE CREDIT FOR THE OTHER 319B?
ummm it’s more than 319 Billon to get back to the surplus he inherited.
But then again he’s got more money to spend doesn’t he.
And of course, we’re not counting the billions spent on the war, or that we’re pillaging out of Social Security. Nut that’s off budget.
There you go NoJoCo.He got credit.Lots of it.
I thought that would get a rise out of some of you. Where’s Gal?
Oh, and I’ll put xxx/snidley down for two Hurays!
If you overdrew your account at the bank by 40,000 dollars, but then ACCIDENTALLY got an extra 10,000 so you could pay it down to a 30,000 debt, would your bank consider that good?
I mean I’m glad that Bush’s idiotic and reckless policies are somewhat less bad than they used to be, but that’s hardly something to crow about, is it?
And isn’t interesting how quiet the media were all these years until the deficit somewhat IMPROVED.
Hmmm . . .
Why thank you, NoJo. I always appreciated a good “huray”.
Before we start congratulating ourselves, we need to consider that there was a time not too long ago when we had a budget surplus. We’re patting ourselves because we “only” spent 319 billion this year that we didn’t have? Talk about bizarro world.
Yeah, lest we forget the bizarro event of 9/11 that could have been prevented by Clinton if he wasn’t so busy with all of his Clinton-gates. 9/11 dealt a blow to world economy and Bush had the Texas-sized balls to cut taxes for those who pay taxes, which drove business investment, which increased jobs, which made people and companies money, which paid taxes on moned EARNED…and the base in place for sustainability. Contrast with the liberal tax increase (only for the wealthy of course), so no business growth, no jobs (except government jobs for new programs), no new base to pay taxes…only increased tax burden for those who already pay taxes. Bush gets a “C” in my book, but no other presidential candidate could have done better.
ID–maybe you can explain to me why the Dow Jones stood at over 11,000 right before Bush took office, and now FOUR AND ONE HALF years later, it’s at 10,300.
Why don’t investors see the great economy Bush has created?
Must be all those libral socialist commies on Wall Street tryin’ to make our Fearless Leader look bad by intentionally losing fortunes!
OR, 9/11 reshaped our decision making framework to invest based on real value and not perceived value as in the Clinton-era. You no doubt have read the goverment GAO reports of the economic slide starting during Clinton’s last year?
The slump started in Clinton’s last year, that would be 2000. It’s now almost 2006.
So five years later, the slump is still Clinton’s fault.
Well, heck, why stop there? Maybe it’s all REAGAN’S fault. Yeah, that’s it, this is a delayed reaction from old Mad as a Hatter Ronnie . . .
Funny, Wall Street didn’t seem to notice until Bush got in and started tinkering with success(a full six months before 9/11)!
Galahad,Actually, it can be traced back to the ancient Lydians, who invented money, or maybe even further, to the Babylonians, who invented banks. It’s all their fault! How could we have economic problems if those SOB’s hadn’t gone and invented an economy?