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Kerry's Economic Deficit
If it's not bad enough that rapid economic recovery has neutered Sen. Kerry's principal domestic criticism of President Bush, now comes even worse news for the Democratic campaign: The budget deficit is starting to substantially shrink.How'd that happen during a depression recession Bush presidency The latest budget numbers show a $19.1 billion surplus for June, $3 billion higher than the $16 billion Wall Street expectation. It seems that a flood of new tax collections, spurred by fatter employment payrolls and corporate profits, is rapidly reducing the federal budget gap. Tax receipts from businesses rose an astonishing 38 percent over the past twelve months and personal income-tax collections increased almost 9 percent. What's happening? Could it be that stronger economic growth from lower tax rates is producing more tax receipts? I believe it's called supply-side economics. Rest at the link. Posted by: Steve 2004-07-16 |
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