Lurch continues his crusade to talk down the great economy. Stump speech after stump speech Kerry talks about how we are giving tax cuts at the expense of a growing economy and that we are spending ourselves into oblivion.
But little reported earlier this week comes this great news, as reported by Reuters:
WASHINGTON, July 13 (Reuters) - The U.S. government posted a larger-than-expected budget surplus in June, propped up by higher quarterly business tax receipts, a government report released on Tuesday showed.
In the Treasury Department's monthly budget statement, June income outpaced spending by $19.14 billion, slightly less than the government's June 2003 surplus of $21.23 billion.
"What we are seeing is the impact of a good economy, the impact of extraordinarily strong corporate profits, and likely the impact of more people being caught in the alternative minimum tax," Drew Matus, financial markets economist at Lehman Brothers in New York, said in response to the report.
"Surprisingly strong receipts are really helping out a great deal here. There is no reason to suspect, given the employment growth we have seen, that this trend will change any time soon," he said.
Corporate income tax inflows grew 38 percent in June, when quarterly tax statements are normally filed, compared to June 2003. Individual tax receipts were nearly 9 percent higher.
Read that last paragraph closely. Income tax inflows from business grew 38% and individual inflows grew 9%. Wha' Happaned? If you listen to John Kerry you would assume that tax cuts would starve the government of needed funds and eliminate food from the mouths of poor children.
But as predicted, and as happened two previous times taxes were cut (Reagan and Kennedy), money coming into the treasury has actually increased!
If that isn't proof positive that tax cuts spur economic growth, and that growth in the economy happens best when the government gets out of the way, then I don't know what is.
Let's see Lurch talk about this crappy economy now.
If you want, read this at Blogcritics
