Bush: "Improved" deficit figures (from $423B to $296B) due to his tax cuts

[Human Torch]

Bush heralds improved deficit figures
Annual deficit to come in at $296 billion, below original estimates

Tuesday, July 11, 2006; Posted: 11:45 a.m. EDT (15:45 GMT)

WASHINGTON (AP) -- President Bush touted new deficit figures Tuesday showing considerable improvement upon earlier administration predictions, saying it shows the wisdom of his tax cuts.

Bush himself announced the figures -- a task that for the most part has been left to lower-ranking administration officials in the past. The new figures show the deficit for the budget year ending September 30 will be $296 billion -- much better than the $423 billion that Bush predicted in February and a slight improvement over 2005.

Bush said the improvement is due to tax cuts he pushed in 2001 and 2003 and his clampdown on domestic agencies funded by Congress.

"These tax cuts left nearly $1.1 trillion in the hands of American workers and families and small business owners. And they used this money to help fuel an economic resurgence that's now in its 18th quarter," Bush said. "Economic growth fueled by tax relief has sent our tax revenues soaring."



President Bush said Tuesday that the improving deficit numbers valid (sic) his tax-cutting policies.

[Waya]

1. Yea, watched about 10 minutes of his drivel......

..about this subject this morning.....I love his new math.....:crazy:

[C_U_L8R]

2. Monkey like Crack

put down the pipe george

[KyuzoGator]

3. Does anyone here actually believe...

...that Bush understood what he was saying in that last paragraph?

[Totally Committed]

4. GMAFB...

The Bushies would sell their grandmothers to keep those tax cuts in place.

The average American is mortgaged and in debt up to his or her eyeballs, with little savings to back it up. That bubble will burst soon, and what will they credit then to keep the tax cuts going?

They are vermin.

TC

[Pawel K]

5. So let me get this straight

If you collect tax from 1000 people you will make more if you collect 4% instead of 10%? I'm no economic genious but I don't think you have to be one to see through this bullshit.

And since when does almost a 300 billion deficit call for a celebration of how well his policies are working??? You know its a sad day when our country considers this good news.

[Waya]

6. As I said.......looooove this new math......it's fantastic

:eyes:

[The Straight Story]

10. Actually, I don't think that is how it works

The idea is the lower the tax rate the more people will spend that money/invest it/etc and that creates jobs. So in one case taxing 1000 people at 4% creates more jobs which increases the tax base (and as their income increases revenues do as well).

Plus there are sales taxes and gas taxes - the more money people are allowed to keep the more they spend and what they spend it on is taxed, so they are still getting taxed but those dollars now decrease supply of goods and fuel some markets.

At least, that is how I am guessing it is all viewed :)

[Waya]

14. Yea, that's the theory......

..but it doesn't work that way in real life......at least not where I'm living....

[The Straight Story]

17. I think one of the problems with it, from my viewpoint

is that the taxes on goods we buy are broken up and less concentrated (local/state/fed) and the profits for the sales go to larger companies on the whole with goods made out of country. Those companies get tax breaks (they can afford the accountants to figure it all out) and that money instead of staying here to be taxed more goes to pay foreign workers who are making our trinkets.

I think it would work pretty well if many of the goods we made here in the USA simply because the money I save from less taxes would then go on to be taxed when I bought something, then be taxed when the company profited for it, then be taxed again when the local worker got paid.

[Pawel K]

18. That would be fine if the theory actually worked

the problem here is that they are giving tax cuts to the wealthy, not the poor. When the wealthy get an extra 10 million thanks to buddy George they don't go out and give that money back to the economy by buying 10 million worth of goods; they instead go and invest it to make their own pockets bigger and now a days they are actually investing that money in to foreign economies not giving a dime back to the american citizen. Who can blame them, the way the republicans are running the american economy you wont get me to invest a dime here in to anything outside of real state (and that too is beginning to fall).

[Auntie Bush]

19. Especially since he started with a surplus and spent that too.

The man is screwy in the head and obviously never passed basic math 101.

[madmunchie]

23. Ugh, did you forget about the increased spending?????

Collect less taxes, increase spending and pay down deficit? Only in BUSHWORLD!!

[chelsea0011]

7. Creative accounting. If I'm not mistaken, none of the cost in Iraq

goes to the deficit. As if this isn't real money.

[rocktivity]

8. Forced to listen to it on CNN while filling out a job application

So he didn't increase the deficit as much as he has estimated? But the deficit's still there. And without tax cuts and lying about Iraq, there wouldn't have been a defict all. Anyway, whoopie...


rocknation

[rodeodance]

9. gawd, that man is so sickening!

[Cocoa]

11. only $800 billion below his 2001 prediction

http://thinkprogress.org/2006/07/11/fourth-largest-deficit/

When President Bush came into office, he inherited a surplus of $284 Billion. At that time, the Bush administration predicted a $516 billion surplus for 2006.

[Deja Q]

12. Not tax cuts at all. Spending cuts to make up for his engorged tax cuts.

I had no idea that soil conservation, amongst other programs, were frivolous and deserved to be cut.

But what do I know? Spending more on two-bit countries whose leaders we wanted to blow up just for the fun of it is more important. :shrug:

Valid war is one thing. Even Afghanistan was valid; until the lust for Saddam returned. Then Afghanistan became an inconvenience.

[Vinca]

13. What an astounding load of crap. nt

[Totally Committed]

15. And, the American people ,by and large, let them get away with this

SH*T! Honestly, I am just astounded at these numbers tand the "spin" accoumpanying them.

TC

[kentuck]

16. Keynesian spending gone wild...

Government spending to pump up the economy. Period.

Without the spending, much of which taxes are paid on, even though the money is borrowed, we would see the true impact of the taxcuts. It's the spending that is giving this Administration cover for their lies.

[liberal N proud]

20. Trying to turn monkey shit into rose petals

[MaineDem]

21. My taxes have gone up

No raise in 11 years. Fixed income (pension). I pay more in federal tax every year.

I don't see where my economy has improved.

I think his little speech today is PFM. Pure Fucking Magic!

[skinner4congress]

22. Nice of Joe Knollenberg...

to show up and be thanked by Bush but not have the decency to come home to his own district to explain to his constituents where all their money has gone.

How many tanks of gas will it take to take back the House?

[Vickers]

24. Man, a Texas abacus must be a piece of SHIT.

Get that monkey a calculator!