Monday, October 17, 2005
Some Good(ish) News
Deficit Down...
Perhaps the feds have saved some money by delaying their response to Katrina and/or not sending enough troops to Iraq, I don't know. But I do know that the current numbers of the FY05 deficit leave me a bit sanguine. According to this report, the deficit clocked in at around $319 billion or roughly 2.6% of GDP. That's certainly better than last year's $412 billion deficit, but a far cry from the surpluses we enjoyed a few years back.
Interestingly enough, tax revenues surged by 15%, that's good news. That alone would have helped trim the budget shortfall, expect that Congress increased federal spending by 8% last year. (And I should fear a democratic majority why?!). The challenge comes in FY06 when most of the Katrina relief costs will show up. In another promising sign, a faction of Republicans is setting the stage for spending cuts in 06. With the White Sox in the world series, perhaps hell hath frozen over and the GOP majority could be getting its act together. Perhaps, but I doubt it.
Perhaps the feds have saved some money by delaying their response to Katrina and/or not sending enough troops to Iraq, I don't know. But I do know that the current numbers of the FY05 deficit leave me a bit sanguine. According to this report, the deficit clocked in at around $319 billion or roughly 2.6% of GDP. That's certainly better than last year's $412 billion deficit, but a far cry from the surpluses we enjoyed a few years back.
Interestingly enough, tax revenues surged by 15%, that's good news. That alone would have helped trim the budget shortfall, expect that Congress increased federal spending by 8% last year. (And I should fear a democratic majority why?!). The challenge comes in FY06 when most of the Katrina relief costs will show up. In another promising sign, a faction of Republicans is setting the stage for spending cuts in 06. With the White Sox in the world series, perhaps hell hath frozen over and the GOP majority could be getting its act together. Perhaps, but I doubt it.
Comments:
<< Home
Cutting benefits to the most needy, while retaining corporate subsidies, pork barrel spending and tax cuts? Why yes, that is a hopeful sign isn't it?
If you'd like to discuss specific cuts please mention them and we can discuss their relative worth, that might be more interesting than the usual GOP cuts=Bad, Dem=Good, although with this administration you never know.
Anyway, what cuts do you find particularly offensive (and in fact are their any cuts in the most recent budget?)I'm opposed to corp. susbidies and pork as well...tax cuts is a mixed bag.
Anyway thanks for your input, would love to hear more of your thoughts..
Post a Comment
Anyway, what cuts do you find particularly offensive (and in fact are their any cuts in the most recent budget?)I'm opposed to corp. susbidies and pork as well...tax cuts is a mixed bag.
Anyway thanks for your input, would love to hear more of your thoughts..
<< Home
