06 October 2006

Taking Home my 70%

Did you notice that the federal budget deficit estimate for 2007 is down to $250 billion, about $50 billion less than even the White House was predicting as recently as July? Well, you didn't read it in the Mainstream Media, why you'd think it's 1930.

Since today is payday; here's some economic news.
The main cause of the deficit decline is a tidal wave of tax revenue. Tax collections have increased by $521 billion in the last two fiscal years, the largest two-year revenue increase -- even after adjusting for inflation -- in American history.

If you're surprised to hear that, it's probably because inside Washington this is treated as the only secret no one wants to print. On the few occasions when the media pay attention to the rise in tax collections, they scratch their heads and wonder where this "surprising" and "unexpected windfall" came from.

The IRS tax-return data just released last month indicates that a near-record 37% of those income tax payments are received from the top 1% of earners -- "the rich," who are derided regularly in Washington for not paying their "fair share."
I'm pretty sure that this is more of President Bush personally manipulating the entire national economy prior to the election. Like he did with the gas prices.

By the way, ever notice that all the folks who claim Bush is controlling the gas price also thinks Bush is stupid? What do they call their hero Clinton? Must he have been even more stupid since he never manipulated the cost of energy to benefit the public. Obviously that's a power that naturally comes with the office, right?

No comments: