[MTAtech]

Wow, are they desperate for good news or what. In the beginning of the year, the Admin inflated the deficit projection to $423 billion, so now they can seem like heros. The 2006 number is $296 billion. The 2006 number is $296 billion. The 2005 deficit was $319 billion. So, the $423 billion number is irrelevant. As the article said, Bush's original budget released in 2001, predicted a $305 billion surplus for the current year to sell its policy of never-ending tax cuts.



From today’s NYT Editorial:

Quote:

…the revenue surge is neither a sign that the tax cuts are working nor of sustainable economic growth. A growing number of economists, most prominently from the Congressional Budget Office, point out that upsurges in revenue are also the result of growing income inequality in the United States, an observation that is consistent with mounting evidence of a rapidly widening gap between the rich and everyone else. As corporations and high- income Americans claim ever more of the economic pie, revenues rise, even if there’s no increase in overall economic growth.