February 03, 2005
Yeah, This is the WORST economy EVER!
THIS story HAD to be painful for Reuters to diseminate.
Seems all the doom and gloomers (ie Democrats) can be shown to be wrong yet again. If the current estimates hold true, we will have reached the same level of employment that we had when President Bush first took office.
I'm sure some of my Leftist readers will come back with "whats so great about being where we were 4 years ago? The fact is that if the figures hold true, January will be the 17th straight month of growth.
The fact is that this happened despite a recession; a terrorist act that cost us at least $150B in losses to the economy; and a costly war. AND that the Left side were saying that, because of the tax cuts of the first administration, government would founder in an ever increasing sea of red due to a loss of revenue to the federal government. Yet, as always with tax cuts, the real revenue coming in to the federal coffers rose last year. Now it's up to the President to start to cut federal expenditures to match the tax cuts.
As I said in an earlier post, the deficit has already started to drop. Slowly to be sure, but dropping. IF President Bush can make a good start on cutting back Federal expenditures,and his succesor continues that mindset, we could see surplusses again by the middle of the successors first term. To reverse a multi trillion dollar deficit to a surplus in the space of 6 years would be the cherry on President Bush's legacy.
Whether or not this can or will be done is still dependant on many factors outside any one person's controll, but I still have hope.