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Willisms

« Social Security Reform Thursday: Week Sixty-Two -- Those Dismal Rates Of Return. | WILLisms.com | Quotational Therapy: Part 105 -- Harry Reid. »

Trivia Tidbit Of The Day: Part 353 -- Shrinkage In The Budget Deficit.

Policies Matter-

So, it's big news, right? The shrinking budget deficit.

Here are some of the numbers from the final Monthly Treasury Statement for Fiscal Year 2006 ( .pdf):

finalmtsfy06.gif

* Tax receipts grew 11.76% from FY05 to FY06.

* Government expenditures grew 7.37%.

* The budget deficit as a percentage of tax revenue experienced shrinkage, from 14.80% to 10.29%.

* In dollar terms, the budget deficit went from $318.7 billion to $247.7 billion.

* The $247.7 billion deficit is about 1.89% of America’s $13.1 trillion economy. This is below historical averages.

Again, entitlement spending increases made up the bulk of the increased outlays. Add in the brand new Katrina spending and increased spending on national defense, and that's almost entirely where those extra dollars were spent.

So, here we are, growing our way out of deficits, without tax hikes. Here we are, with only 4.6% unemployment. Here we are, the DOW flirting with new record highs daily. Here we are, without incessant gnashing over "record" gas prices. Here we are with an economy that has been performing fantastically for years now.

So, where do we go from here?

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

Previous Trivia Tidbit: Media Coverage Of Foley = Out Of Whack.

Posted by Will Franklin · 12 October 2006 07:42 PM

Comments

It should be Big News. BUT Foley makes for great conservative bashing??? What about Harry Reid? AND Why aren't people being bombarded with this Good News story? He is a big dem cheese?

Posted by: Zsa Zsa at October 12, 2006 08:54 PM

It was better when it was "shrunk". "Experienced shrinkage"? Does an abstract concept like a budget deficit really experience things?

Posted by: evariste at October 12, 2006 10:32 PM

I was going to add the George Costanza clip about shrinkage, but opted against it...

Posted by: Will Franklin at October 12, 2006 10:52 PM

Heh heh heh.

Posted by: evariste at October 12, 2006 10:55 PM

HA!...

Posted by: zsa zsa at October 13, 2006 08:14 AM

Yay!
Umm..let's look a little closer though, since you failed to do so, Will.
So, Bush overestimated the deficit, and "voila" the budget comes in"lower" than expected.
What a fiscal genius.
Swing and a miss.
You also failed to mention the 177 Biiiiillion dollars that was
"borrowed" from Social Security.
Whoops..strike 2.
If you balance the numbers like the real world, instead of the kooks
in Washington, the budget deficit is actually 579 Biiiiillion dollars.
Where do we go from here, you ask?
The deficit is projected to increase to $286 billion in 2007.
Strike 3, batter is out.
And the Bush tax cuts?
Well, that's going to add $2.2 trillion to the deficit through 2016.
So much for Bush being a conservative.
Isn't it about time you took the blinders off and ask for some fiscal accountability from this administration?

Naaaah, who am I kidding.

Posted by: WalterS at October 13, 2006 09:14 AM