Tuesday, October 10, 2006
Republicans have a fair story to tell about what they've accomplished over the last two years, but their narrative has been interrupted by the trashy subplot of Mark Foley and his trolling for male House pages.
Democrats are constantly changing their narrative when it fails to match reality. The reason Democrats don't talk about the deficit like they used to is because it has dropped from the $423 billion predicted by President Bush, as recently as last February, to $250 billion, according to projections by the Congressional Budget Office (CBO). The CBO says the reason for the decline is better than expected tax receipts, especially from corporate profits. There are more tax receipts because individuals and corporations are being taxed at lower rates, giving them increased incentive to earn bigger profits. Bigger profits produce more tax revenue.
Gasoline prices are down sharply from just a few months ago; the Dow Jones Industrials set a new record high last week. The unemployment rate now stands at 4.6 percent - down from 6.3 percent in 2003, lower than the average of the 1970s, 1980s, or the 1990s, and equivalent to the unemployment rate in September 1998. Since August 2003, the economy has created 6.6 million new jobs. Full article here...