Larry Kudlow on the Shrinking U.S. Deficit

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.