October 9th, 2006 at 9:54 pm
HT: Chronicle of the Conspiracy
Well now, it looks like we can still grow ourselves out of some deficit.
BizzyBlog reported yesterday that the reported federal deficit has been cut in half since three years ago, when the Bush administration predicted it would halve the deficit in six years.
Tax receipts have grown by over 35% the last three years, overcoming spending increases due to the War on Terror, the Katrina sweepstakes, and government pet projects.
Pay particular attention to the first chart. The Bush tax cuts, which were relatively modest, are giving us a 3.89% GDP growth. Reagan’s tax cuts in the 80’s gave us 4.32%. JFK and LBJ’s tax cuts (tax cuts by Democrats, oh what days those must have been) gave us an annualized GDP growth of 5.21%.
Now if we can just teach those Congresspeople how to keep their hands off the new receipts and quit using Social Security receipts to skew the numbers.
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