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What Surplus? (updated)

Why isn't this front page news everywhere? Oh yeah, it's an election year. God forbid any good news gets out about the economy. That would get in the way of the media's cause to have Kerry elected in November. After all the "Great Depression" rhetoric Kerry has been shouting from the mountain tops, you'd think that the "real" balanced media would be all over it. I’m not going to hold my breath waiting.

    The U.S. government posted a larger-than-expected budget surplus in June, propped up by higher quarterly business tax receipts, a government report released on Tuesday showed.

    In the Treasury Department's monthly budget statement, June income outpaced spending by $19.14 billion, slightly less than the government's June 2003 surplus of $21.23 billion.

    "What we are seeing is the impact of a good economy, the impact of extraordinarily strong corporate profits, and likely the impact of more people being caught in the alternative minimum tax," Drew Matus, financial markets economist at Lehman Brothers in New York, said in response to the report.

    "Surprisingly strong receipts are really helping out a great deal here. There is no reason to suspect, given the employment growth we have seen, that this trend will change any time soon,"
Here’s the other problem. This will be some conservative politico’s talking point on a news show and treated by the media, as biased information. Bush will then gloss over it in a stump speech somewhere once or twice with his unfortunate way of blandly stating facts and it won't sink in with anyone. You know what I mean. It'll be something to the effect of "We now have surplus of revenue. The tax cuts are working." and then he'll move on. Man this stuff pisses me off.
Update:  Thanks to a fellow blogger for bringing this to my attention.
In a related story, it appears that our nation’s debt limit will have been reached by early October, and a new law will have to be signed in order to grow above the already 7.384 trillion maximum.
It should be noted however that even though raising the debt limit is going to happen, (unfortunately) it is also true that the tax cuts proposed by Bush have generated revenue that exceeded their expectations.  More revenue came in than was bugeted for.  It won't be enough to stop the passage of the law to raise the debt limit, but it is significant enough to use as proof that tax cuts increase revenue.  Now if only the congress would stop spending our money like drunken idiots.

posted by: Brian Scott

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