The New York Post today gives kudos to “Dubya’s Disappearing Deficit” in today’s editorial:
President Bush took a moment yester day to point with pride at a re election campaign promise kept: He vowed two years ago that his tax cuts would produce enough new revenue to cut the federal deficit by half in five years, and the latest figures show they’ve done just that - three years early.
It now stands at $247.7 billion - down from $520 billion in 2004.
And it’s continuing to drop.
“These budget numbers are proof that pro-growth economic policies work,” Bush said.
You’d think that Democrats - they are patriotic Americans, after all - would revel in the good news. Ha!
If Congress keeps spending more than the government takes in, the deficit will remain a club for Democrats to use on Bush’s economic policies.
But without those policies - the tax cuts, especially - the country would be looking at trillion-dollar deficits.
Bush’s tax cuts have created new jobs, enhanced investment, rejuvenated the stock market and made people wealthier.
Good for him.
Very good for the country.
Then there is this warning from the Heritage Foundation’s Brian Riedl:
Brian Riedl, a budget expert at the Heritage Foundation, said the 2006 deficit figure could be the lowest one for many years into the future. Revenues grew by 12 percent in 2006, he said, adding that it would be hard to match that record in the future as spending for entitlement programs begins to surge.
“I expect the deficit will rise by $50 billion a year for the next 10 years,” Riedl said, as Medicare and Medicaid costs skyrocket.
A good way to stave off this incoming spending tsunami would be to pass Senator Judd Gregg’s Stop Overspending Act of 2006.