18 Jan 2005 @ 9:51 PM
The Economics Editor at the National Review says the U.S. deficit is shrinking.
He’s right. The deficit is shrinking. That does not mean the debt is shrinking. Deficit means, “how much more in the hole we’re going to be at the end of 2005 compared to the end of 2004.” So, good news! Last year the U.S. added an extra 413 billion (that’s 9 zeros) to your debt. This year, the fine stewards of your tax dollars only plan to add 355 billion (still 9 zeros) to the unfathomable burden we’re passing on to future generations. Great news. Fantastic.
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Kudlow is not telling the whole story. The fact is, the deficit and individual income tax receipts have just begun to recover from their lows reached in late 2003 and early 2004. The only “roaring” to be heard has been in spending and, to a lesser extent, those receipts whose tax rates have not been cut. See the full analysis of Kudlow’s article at the URL attached to this message ( http://home.att.net/~rdavis2/kudlow3.html ).