Re: Tax Cuts and economic growth and annual federal deficit (Investor's Business Daily)
- From: SMBalloon <smballoon@xxxxxxx>
- Date: Fri, 19 May 2006 21:28:40 -0400
On Fri, 19 May 2006 19:31:23 -0500, "gumboman" <noemail@xxxxxxxxxxx>
wrote:
Investors Business Daily? Donald Luskin? Do you really expect anyone who
understands economics to take any of this seriously? There are so many lies,
distortions and statistical bullshits in here it's hard to know where to
begin.
Let's just start with the calculation of the deficit. It doesn't include the
off budget items the Republicans have become so fond of (example - Iraq) and
it doesn't include the Social Security surplus that is used to offset the
operating deficit. Let's get some straight numbers there and we can move on.
I believe the annual surplus from social security tax has been
decreasing since 2001. Whereas it increased for last 7 years of
Clinton Administration and was a considerably higher percentage of GDP
in Clinton's last year in office than it is today. So you can't point
to the annual social security surplus as a reason why the current
overall annual surplus is heading down. You can ignore reality and
pretend that Bush's tax cuts haven't been an incredible success with
regard to economic growth. Economic growth is the reason why annual
deficit is going down, not surplus social security taxes. As for Iraq
War, being off-budget. It was off budget last year and the year
before and the year before as well. If it was counted as part of
budget, the annual deficits would still be trending down sharply.
.
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