Friday, January 04, 2008

Finding Success in Failure, III

As if his mendacity on the Iraq War and education policy weren't enough, Gerson shares this gem:
Democratic candidates attack the Bush tax cuts as a fiscal disaster -- just as a growing economy has boosted tax revenue to its highest level in history, halving the federal deficit in three years.
Wow... here I was thinking the tax cuts were put into effect back in 2001-2003, quickly turning a sizable budget surplus into a massive deficit, yet as it turns out they didn't go into effect until 2005! Thank you so much for clearing that up, Michael....

(How long is the boost in tax revenues from corporate profits likely to last?)

So here we are, with a surplus transformed into a deficit, no end to deficit spending in sight, no Republican plan to balance the budget or spend responsibly, and growth of tax revenues far below what the Bush Administration promised, trillions in new federal debt... and a one-year upward bump in corporate profits is deemed to prove that the tax cuts should never be touched - or perhaps that we should completely eliminate taxes and run the government on pure deficit spending.

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