As was predicted last week, it was officially announced today that the federal deficit dropped precipitously. In early 2004, the President announced that he aimed to cut the then-projected $521 billion deficit in half in 5 years. He noted today that he had accomplished it three years early.
And how did it happen? Increased revenues due to the tax cuts. Hard for the WaPo and the New York Times to get their brains around, we know. And, we must observe again, had the deficit unexpectedly risen, it wold be on the front page of every major newspaper in America. But when it drops three weeks before the mid-term elections, you can bet most people in the country won’t know a thing about it.
On a related note, the Washington Times reported last week on House Democrat Leader Nancy Pelosi’s (D-CA) speech at Georgetown University, where she promised to roll back some of the tax cuts that made this deficit reduction possible. That’s not great for us manufacturers.
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