Speaking of hideously drab, the deficit. I know, not sexy. To many, not remotely interesting.
Except when you ponder this: it's shrinking. Rapidly.
I figured I'd tell you that, because not many in the media do. They too claim it's boring.
I suspect it's boring because it's good.
And it's boring because it proves an often repeated but more often ignored point: Tax cuts don't make deficits worse. They make them better.
According to the Congressional Budget Office, the federal deficit has fallen from $251 billion three years ago, to $161 billion today.
As The Wall Street Journal astutely points out, that's among the fastest three-year declines ever. Ever.
What's more, as a percentage of our economy, at 1.2 percent, the deficit is half the average of the last 50 years.
Yes, that's with all that money for homeland security. And the war in Iraq. And the war in Afghanistan.
With all that, this.
Revenues up. Because as taxes went down, more money came in.
From individuals, and from companies that hired more individuals.
And oh yeah, from wealthy individuals, who pay now an even higher percentage of overall taxes collected than they did before rates went down.
I thought you'd like to know about this. Because the media won't tell you about this.
I suspect because they'll say it's boring. I suspect more because they know it's good.
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