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Saturday, July 15, 2006

 

2006 Economic BOOM! Something to Celebrate

-By Warner Todd Huston

Just a Reiminder on how successful our economy is...

The Bush economy is a fantastic success. But here are some of the facts because the MSM won't spend much effort to let us know about it:

"According to the Office of Management and Budget's Mid-Session Review, which couldn't be worse news for New Direction Democrats. According to the report, President Bush's goal of halving the deficit by FY2009 is a year ahead of schedule, thanks to increased tax revenues produced by pro-growth policies. This year's deficit has fallen to $296 billion, or 2.3 percent of GDP---30 percent lower than February's forecast, and nearly 50 percent lower than 2004. FY2008's deficit is projected to fall to $188 billion, a more palatable 1.3 percent of GDP.

Real GDP grew at an annual rate of 5.6 percent in the first quarter, making this the 18th consecutive quarter of economic growth. Coupled with this growth, the American economy has produced more than 5.4 million new jobs since August, 2003. The U.S. unemployment rate, lower than the averages of the past four decades at 4.6 percent, has become the envy of the world.

Finally, spurred by the Bush tax cuts, tax revenues have increased by 11 percent, or $246 billion from 2005 to 2006. That's almost 19 times as much as Rep. Obey and House Democrats hoped to put toward deficit reduction by raising your taxes. Since the Bush tax cuts were fully implemented in 2003, tax receipts have grown no less than 34.6 percent. All of this has happened in spite of the devastating effects of September 11 and the economic burden of the War on Terrorism.

So why, you may ask, would we raise your taxes in order to balance the budget and reduce the deficit? That's a question Minority Leader Pelosi and the New Direction Party must answer for the American electorate."

(Thanks to the Federalist Patriot for the reminder!)

Yet the Democrats have issued their new agenda for America which calls for tax increases because of our econimc "failure"s? What country's economy are they measuring again???
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