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Willisms

« Supreme Court Nominations: The Next Generation. | WILLisms.com | Quotational Therapy: Part 26 -- Churchill On Perserverence. »

Trivia Tidbit Of The Day: Part 101 -- Shrinking Deficit.

Economic Growth Leading To Lower Federal Budget Deficits-

Treasury officials say, thus far, in fiscal 2005, which began last Oct. 1, they have taken in nearly $100 billion more than previously projected. Individual tax receipts were up an impressive 21 percent over last year. Business tax revenues rose a whopping 48 percent. They took in a record $61 billion on June 15 alone.

"The numbers are an eye-popping vindication of the Laffer curve [a theoretical correlation between tax rates and growth] and the Bush tax cut's real economic value," tax-cut crusader Stephen Moore wrote in the Wall Street Journal.

What this means is that, despite somewhat higher spending, "The federal deficit could come in at $325 billion to $350 billion, significantly better than the White House $427 billion projection, or the Congressional Budget Office's $400 billion forecast," writes The Washington Post's economics reporter Jonathan Weisman....

This economy has growth written all over it: GDP growth is nearly 4 percent; unemployment is 5 percent; the robust housing market shows no signs of slowing; U.S. manufacturing accelerated last month for the first time in seven months; consumer confidence was up sharply and inflation tame.

Source:

The Washington Times (via File It Under blog).

UPDATE:

* 146,000 new payroll jobs were created in June. Payroll job gains in May were revised up to 104,000.

* Twenty-five consecutive months of job gains have added over 3.7 million new jobs to payrolls.

* Payroll employment has increased by 2.1 million over the year and over 1 million new payroll jobs have been created so far this year.

* The unemployment rate (calculated from the household survey of employment) edged down to 5.0% in June, from 5.1% in May. Last June, the unemployment rate was 5.6%.

* The unemployment rate is the lowest since September 11, 2001 and remains below the averages of each of the past 3 decades.

-Via Blogs for Bush, GOP Bloggers, and PoliPundit.


Of course, this is not an excuse for the still gi-normous size of government that has lingered under ostensibly Republican control of government in recent years, but it is proof that tax cuts can lead to greater economic growth, which, in turn, leads to lower deficits. Just a year ago, most people scoffed at President Bush's plans to cut the deficit in half in five years. Well, we're well on our way to making that target.

---------------------------------


Previous trivia tidbits:

Part 1; Part 2; Part 3; Part 4; Part 5; Part 6; Part 7; Part 8; Part 9; Part 10; Part 11; Part 12; Part 13; Part 14; Part 15; Part 16; Part 17; Part 18; Part 19; Part 20; Part 21, Part 22; Part 23, Part 24, Part 25; Part 26; Part 27, Part 28; Part 29; Part 30, Part 31; Part 32; Part 33; Part 34; Part 35; Part 36; Part 37; Part 38; Part 39; Part 40; Part 41; Part 42; Part 43; Part 44; Part 45; Part 46; Part 47; Part 48; Part 49; Part 50; Part 51; Part 52; Part 53; Part 54; Part 55; Part 56; Part 57; Part 58; Part 59; Part 60; Part 61; Part 62; Part 63; Part 64; Part 65; Part 66; Part 67; Part 68; Part 69; Part 70; Part 71; Part 72; Part 73; Part 74; Part 75; Part 76; Part 77; Part 78; Part 79; Part 80; Part 81; Part 82; Part 83; Part 84; Part 85; Part 86; Part 87; Part 88; Part 89; Part 90; Part 91; Part 92; Part 93; Part 94; Part 95; Part 96; Part 97; Part 98; Part 99; Part 100.

Daily Trivia Tidbits cover a wide range of topics, and they're usually not trivial at all; you never know what you might find. Stay tuned to WILLisms.com for more.

Have a trivia tidbit tip? Send it over to WILLisms@gmail.com.

Posted by Will Franklin · 8 July 2005 09:34 AM

Comments

I can't think of a better way to cut spending than to lock up the excess funds via DeMint-Ryan SS reform.

Posted by: Hoodlumman at July 8, 2005 10:38 AM