While some whined and moaned that deficits would eat our economy alive and those deficits have been creating problems that will never be removed -- at least not without massive increases in taxes, as promised by the Democrats if they gain control of the House or Senate -- from burdening our current working generation and those in the future, the economy that "couldn't" under the Idiot in the Whitehouse's leadership (or that of his Neocon friends) "HAS" and continues TO surpass even the best expectations.
We've been told by the media, and by naysayers that the so-called economic leadership, and fiscal management by George W. Bush is a joke, and that the deficits we are creating are evil, evil, evil. Ooops, it seems that the deficit continues to shrink thanks to revenues that continue to come in from places that the naysayers just never expected it to come from.
You see, as usual, the naysayers have relied on the best estimates -- actually the most fiscally conservative -- of the CBO or whatever other forecasters can be used to show the gloomiest outlook for the future. Instead of looking at things realistically, they put on the gloomy goggles, look into the crystal balls, and declare that we'll never get the revenue we should, never collect all of the taxes we should, and will continue to have higher spending levels than we should which all adds up to bigger deficits.
Except that hasn't happened. We've had higher revenue coming in than we thought we would, and those higher revenues are continuing to show that the government is still taking in more than it needs to, or at least that it is headed in the opposite direction from deficit spending.
The next few years -- assuming that the Democrats don't upset the apple cart and wipe out the revenue producing tax cuts that Bush got through congress early in his first term -- should see us moving towards revenue surpluses again. We should have enough money in the coffers to take care of our needs and have money left over to help pay down the national debt. We may even have money to help shore up medicare and social security (which still badly need attention to keep them from destroying the economy as they could).
In anycase, the actual news report that fueled these comments by yours truly (Terpfan1980) can be found here: at Brietbart, via AP.
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The Congressional Budget Office's latest estimate is $10 billion below CBO predictions issued in August and well below a July White House prediction of $296 billion.
The improving deficit picture _ Bush predicted a $423 billion deficit in his February budget _ has been driven by better-than-expected tax receipts, especially from corporate profits, CBO said.
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