"We Can Cut the Deficit in Half" Josh Bolton, Dec. 2003

[barbaraann]

We Can Cut the Deficit in Half
By JOSHUA B. BOLTEN
December 10, 2003
Wall Street Journal
COMMENTARY

President Bush has resolutely pursued three top priorities: winning the war on terror, protecting the homeland and strengthening the economy. While rarely challenging these goals, some commentators now suggest that, in their pursuit, the administration has unwisely neglected deficit reduction and fiscal discipline. From the left, the president's tax cuts are blamed for driving the federal budget into deficit. From the right, the president is criticized for acquiescing in a Congressional domestic spending spree. Neither charge stands up to scrutiny.

First, to trace the roots of today's deficits, recall the circumstances the country faced in the early months of this administration: President Bush took office with a stock market in collapse and an economy entering recession; he was soon to confront as well the revelation of corporate scandals and, of course, terrorism on American soil. The resulting economic "perfect storm," which dramatically drove down Treasury receipts, is by far the largest reason we face budget deficits today. Had there not been one dime of tax relief under President Bush, the federal budget would still have run a substantial deficit in 2003.

In fact, the president's tax cuts have been critical to his priority of strengthening the economy and creating jobs. Perhaps the best timed in American history, these tax cuts deserve much credit for today's brightening economic picture: the highest quarterly growth in 20 years (8.2%), which, though unlikely to remain as high, is a harbinger of sustained growth to come; extraordinary productivity growth; continued strength in housing starts and retail sales; and encouraging signs of renewed business investment. These indicators suggest that job growth, which typically lags recovery, should continue to strengthen in the months ahead. And sustained growth will be good news for our budget picture as well: As the economy improves, Treasury revenues will too -- and budget deficits, now projected to peak in this fiscal year, will decline.
...
http://www.whitehouse.gov/omb/pubpress/bolten_commentary.html

They are saying the same thing today in June, 2005! And the "liberal media" is not calling them on it!

[aden_nak]

1. Just because it never worked before doesn't mean we should stop doing it!

That really should be a GOP slogan of some kind.

[punpirate]

2. Funny that it doesn't say what...

... that deficit would have been without the tax cuts for his friends. Just says, "substantial." If they know, they aren't saying.

Y'know, total government debt was fairly manageable until Reagan appeared in the presidency. He substantially cut taxes for the wealthy and for corporations and simultaneously embarked on a rapid increase in defense spending. The debt ballooned during his administration.

Now, Bush is doing exactly the same thing, and the results are exactly the same.

No one is fooled by this fudging language. This is simply more hoohah to justify cutting social spending.

[louis-t]

3. Jeez, can't you just SEE the wires making his mouth move?

"Blabbity blah, expand their business, blah blah, create jobs, bleh blu, grow the economy, blibbity blib, tax breaks for rich people actually INCREASE revenues...." Hey, asshole, deficits are not declining, growth is not sustained, your phony pres gets all wet if we don't actually LOSE jobs every month, and HE LIES ABOUT THE NUMBERS! GOT IT?


ASSHOLE?

[Amonester]

6. AND CRUDE OIL IS AT AN ALL TIME SKYROCKETING 58+ n/t

[KlatooBNikto]

4. May be our Great Leader, instead of dividing by 2, simply multiplied

by two, more than doubling the deficit. Out of school for a long time, you see, and it is hard work multiplying and dividing.

[Toots]

5. It is BS. The economy was not entering a recession as Bush* took office

The economy was strong and in fact that is the excuse Bush* used to pass his first set of tax breaks for the rich. He said the economy was soo strong that we needed to give some of the people's money back. The second he took office though America felt scared about what was to come and stopped spending. Bush* is 100% responsible for the economy and no matter how much they pretend it is okay it is not. The dollar has dropped about half it's value since Buish* took office and oil has gone up over twenty dollars a barrel. Insurance rates have almost doubled and prices on virtually everything have climbed drastically. This is just more right wing propaganda and it is blantantly false.