Tuesday, July 11, 2006

Bush on Deficit

POTUS IS SOUNDING like a proud father in recent days, claiming that his tax cuts are responsible for the fact that the deficit is lower than forecasters predicted for the current quarter. Unfortunately, he rarely mentions the fact that it was those very cuts that led to the largest deficits in recent history. Bush entered office in 2001 with government surplus at a record high. That very surplus has dwindled and turned into a record deficit ever since. Let's be grateful that the deficit is going down (at least at the moment), but let's also understand how we got onto Deficit Road in the first place.


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