Friday, July 15, 2005

The Genius of George. Yes, THAT George

While I have constantly complained about President Bush, I am guilty of failing to take note of his accomplishments. One of the most notable among them is, the reduction of the unemployment rate to 5% in July of 2005, only a half a point higher than the 4.5 % in 1998, the lowest since 1969. Another praise worthy act was refusing to abandon Janice Brown & Pricilla Owen, despite the pressure, in addition to continued efforts on the war on terror.

Now, there is another:
The Congressional Budget Office estimated last week that the deficit for the full fiscal year, which reached $412 billion in 2004, could be "significantly less than $350 billion, perhaps below $325 billion."

The proportion of corporate tax revenue grew the sharpest. The growth in tax revenue was 17.6% for individual income, & 40.8% for corporate taxes. The rise in revenues is attributable, for the most part to the higher stock market gains & business income of relatively wealthy taxpayers. The tax yield from quarterly payments, investment gains & business earnings were up 20% this year.

"...[T]he tax cuts had undoubtedly contributed to economic growth, which in turn bolstered tax receipts. "One consequence of strong income growth is that we are enjoying higher-than-expected levels of tax collections."...

Mr. Bush has pledged to cut the budget deficit by 2009 to about $260 billion, and that goal could be within future grasp. If current trends hold, the deficit could amount to less than 3 percent of the gross domestic product - less than in many West European countries that have been hobbled by slow growth and the heavy cost of supporting social welfare programs.

This also means I won't be able to pick on him for being fiscally irresponsible. Reducing the deficit is not merely good economic policy, but it is also good security policy. As of June 2004, China held nearly $200 billion, Japan more than $1 trillion, and Europe combined held more than $2 trillion. Recently, The People's Bank of China increased dollar reserves by $207 billion financing nearly a third of the US current account deficit. This is detrimental to our efforts at defusing the military threat posed by China to Taiwan, Tibet & as well as us. The amount held by the Japanese is one of the reasons that they have been able to maintain their ban on US beef, despite assurances of intentions to do so. It is also a reason for our inability to press them for reciprocal trade policies.

While all of this is good news for the country, it is terrible news for the Dems, who have wasted no time in reminding us, on Tuesday the 12 th, (the White House announced the results on Wednesday the 13 th) that:...the long-term fiscal outlook remain[s] almost as grim as before.

As I am not well versed in economics, I will not comment on that, however, I can't help but notice that their long-term political future certainly looks, “as grim as before,” maybe even more.

Comments:
All true. Still, I wish President Bush would have the courage to tell the MSM to get lost and yank their press credentials. If ABC-NBC-CBS-CNN-MSNBC and the rest want to hector Bush, let them don their tinfoil caps and march with the other psychos.

That's how Bush can become the greatest president who ever lived.
 
I second that. I can just picture the scene, LOL. Too bad the President doesn't have the guts to deal with the press. I hope the '08 candidate will be stronger.
 
I'm shocked that the NYT actually reported this good news, especially since it really proves that 'trickle-down economics' actually works. Wonder if they'll bother to ask themselves WHY those European countries have low rates of economic growth?

NAAAAHHHHH!!!
 
Wow--I'm shocked--a NY chick who's not a Democrat. It's rare to find pro-Bush people in cities, especially in the northeastern states.

-mj
 
It is good news. What people lose track of is the fact that we were in a deep recession that began before Bush took office. In any recession, tax reciepts will shrink and government responsibilities generally grow which leads to increased debt. Now our economy is in full recovery and expansion, so the debt will continue to shrink as the economy continues to grow. How people choose to ignore these basic facts is beyond me, but I guess there's no limit to what some will do to gain power.
 
Hi & welcome MJ. There are more of us than most people realize. We're pretty adept at keeping our views in the closet :)
 
Oh ye of little faith.
 
Aren't we. Welcome to my humble abode natenichols.
 
That's a great story. Waiting for more. » »
 
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