"...improving economic conditions that have fueled higher tax revenues."
Laffer Curve
Invented by Arthur Laffer, this curve shows the relationship between tax rates and tax revenue collected by governments. The chart below shows the Laffer Curve:  |
Posted on 07/27/2004 9:48:49 AM PDT by dead
WASHINGTON (Reuters) - A mid-year White House report will tout fiscal progress with a projected U.S. budget deficit for this year of around $420 billion -- nearly $100 billion less than the forecast offered five months ago, congressional sources said on Tuesday.
A congressional aide who declined to be identified told Reuters that the $420 billion figure is "what people are talking about" on Capitol Hill.
The budget projection will be part of a mid-session budget report that the White House will be putting out, possibly as early as this week. Originally due on July 15, the document was delayed after officials in the Office of Management and Budget sought extra time to update their figures in light of improving economic conditions that have fueled higher tax revenues.
Bush has been criticized by Democrats for plunging the nation into record deficits after he inherited a surplus.
The president's fiscal 2005 budget blueprint in February forecast a record $521 billion shortfall.
"nearly $100 billion less"
How 'bout MORE THAN? $101 billion!
TDIDS
I had read an analysis of what a "budget deficit" really means, by Milton Freedman, a long time ago. I didn't really buy it at the time, but the guy was pretty much right. Uncle Milty is a hero.
A billion there.
And pretty soon, you're talking about a lot of money!
Just think -- as he told us just yesterday, John Kerry's first act in office would be to enact national healthcare, plunging us into debt by another $900 billion.
In one day.
Oh. Never Mind. [/Emily Latella]
More voodoo, I think it is called. Let people keep their own money and jobs go up, then state treasuries improve, and finally federal receipts increase. I would like to think thaqt there is also an element of better management in Washington, but we will never hear about that part.
How in God's name did this thought make it past a Reuter's editor?
Carter had a total budget of about $409,000,000,000 in 1977.
| Invented by Arthur Laffer, this curve shows the relationship between tax rates and tax revenue collected by governments. The chart below shows the Laffer Curve: |
Though to be honest he should have also mentioned the tax rate dropping, as the laffer curve demonstrates.
So... George Bush lied again? /sarcasm
It's Bush's fault!
I can't believe that came from (Kerry/terrorism) Rooters.
And the ones who aren't can simply say that our guy is not as bad as their guy.
Yes, but where are we on the Laffer curve? Clinton passed the largest tax increase in US history and revenues went up. W has passed tax cuts and revenues went down.
FY YTD Receipts YTD Expenditures
2000 1,533,369 1,356,829
2001 1,582,034 1,413,088
2002 1,401,499 1,517,811
2003 1,352,680 1,622,396
2004 1,400,288 1,726,905
That is right Kerry is going to do better. After spending money on Socialize Medicine.
Cut me a break. It also comes from the fact that we're in the middle of a war.
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