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.


Happy (Belated) Bastille Day

What more proof could you possibly need to attest to the fact that this blog is written by an unrepentant, boorish, American infidel? Quel Horror! There was no post yesterday celebrating Bastille Day, the day the French overthrew the Bourbon dynasty, to make room for a bloody anarchy by Robespierre & the Jacobins only to end up with the Napoleonic dynasty. Indeed, we Americans have a lot to learn from certain older, more civilized cultures.

Without further ado, let the celebrations commence! Here is a list of ten ways to nurture your inner Frenchman on this special occasion complied by The Man.

10. Don't take a bath
9. Throw those arms in the air, wave a white flag like you just don't care
8. Order an extra side of Freedom Fries with your Freedom Toast
7. Yell out "Zut Alors!" sporadically during the day
6. Make sure to donate $50 to so he stops emailing me
5. Work only 35 hours this week
4. Eat cheese, surrender, and repeat if necessary
3. Curse Lance Armstrong, accuse him of doping
2. Dust off the old guillotine

And the #1 way to celebrate Bastille Day:

1. Read the "Great French Military Victories of the 20th Century" pamphlet

In keeping with the great French tradition of cowardice, Jacques Chirac, in an effort to shore his 25% approval rating, switched from America bashing to Brit bashing. Way to go Jacques, kick 'em when their down, 'cause you know you can't get away with it other wise.


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