Saturday, October 14, 2006

I guess the tax cuts DO work

Nice article about how the main streammedia ignores any good news about tax cuts.

Sound of Silence: Media Caught Flat-footed by Shrinking Deficit

Oops. Back in 2004, then-ABC White House correspondent Terry Moran argued President Bush's tax cuts were building debt, not prosperity: "Most experts say that making those tax cuts permanent would cause gigantic deficits virtually as far as the eye can see." Early last year, CBS's Bob Schieffer suggested it would be impossible for the federal budget deficit to be cut in half before 2009 without raising taxes: "The government has just got to find some money to finance these programs."

Well, the tax cuts haven't been repealed, and there have been no big new tax increases. But Wednesday the White House announced that final tallies for the federal government's fiscal year ending September 30, 2006, the budget deficit had shrunk from $413 billion two years ago to $248 billion. The federal government collected $2.407 trillion in taxes in FY2006, $122 billion more than originally forecast back in February.

On Wednesday night, ABC and CBS skipped this good economic and budget news.


No comments: