Bob, Hutch, Sam ... Are You Ready to Celebrate?
Judd at ThinkProgress gives us the numbers where this comes in as the 4th highest deficit in American history. Dubyah has the top four although Dad's 1992 was a close 5th! In the interest of fairness I'll cite the WaPo on rank in comparison to GDP.
But when measured against the size of the economy _ at 2.3 percent of gross domestic product _ the 2006 deficit would be lower than the deficits of 17 of the past 25 years.In February the prediction was that we'd have a $423 billion deficit so maybe that is why the White House trotted out Dubyah to "celebrate". Revenues are running higher indeed yet the idea that the economy is humming along seems disengenous. And few if any people doubt that the Bu$hCo tax cuts have benefits mostly to the top of the food chain. In fact, Citizens for Tax Justice, admittedly part of the frayed union machine, claimed recently that 99% of Alabamians are worse off under the Bu$h tax cuts.
Additionally, cutting taxes while engaged in an expensive war seems to run contra to my understanding of economics.
That we celebrate the fact that the other factor causing this "good news" is from cuts in funding some important programs cannot be denied. "Irresponsible and Obscene" is still working for me. I'll also add that the economy is hardly grand for the average person around our locale. Peace ... or War!
UPDATE - July 12th - The WaPo Editorial Board gives us "Deficit of Candor" that ties in to the above. Bu$hCo bragging reminds me of his "Commander Codpiece" moment some three years ago.