Re: Federal Deficit for July Narrowed As Revenue Hit Record for Month
GDP is on the rise and budget deficits are falling. Budget deficits as a percentage of GDP is the right way to compare deficits today to deficits from yesteryear. Small budget deficits are not that significant but the deficit isn't small enough. The cost of entitlements especially medicare/medicaid are rising faster than GDP which means they're out of control. Willing to cut medicare/medicaid spending by chance? I've pointed out in the past that Clinton did a nice job in this area as medicare/medicaid spending spending basically rose at the rate that the economy grew. Lessons to be learned there I believe and this is one area where I believe Dubya has failed more or less. Anyway revenues are up alot since the tax cuts in 2003 and they continue to surprise on the upside.
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