Politics & Policy

Revenues Up, Deficits Down

Some "non-partisan" good news from the CBO.

Last week the Congressional Budget Office released its updated long-term fiscal forecast. BuzzCharts wants to make a point that this is the “non-partisan” Congressional Budget Office, a fact that is always emphasized when the CBO presents fiscal news that might reflect poorly on the Bush administration. But this fact should also be emphasized when the office has fiscal news that reflects well on the administration.

CBO projections show the deficit falling next year and the year after. In fact, the deficit falls in 10 of the 12 years covered by this forecast, rising only a miniscule amount in the other 2 years.

There’s also good news in the revenue department: As you can see in the chart above, revenues are climbing faster than expenses in every year projected by the CBO. Most notably, in the next 2 years, revenues are projected to increase by 25 percent. Also note that in the year 2012, the deficit is projected to fall to $38 billion, a whopping 78 percent drop from the previous year. The 2 years after that, the deficit will drop again by more than half, leaving the deficit at a tiny $15 billion.

Critics, of course, will note that projections that far out are very nearly useless. This, of course, is true. BuzzCharts just wishes those critics would keep the same thing in mind when long-term projections point to a worsening fiscal picture. At the moment, however, all of this is beside the point: The latest projections show a steadily improving fiscal outlook for the near term — when forecasting tends to be at its most accurate. The Bush Boom is sufficiently developed that it is beginning to affect Congressional Budget forecasts.

– Jerry Bowyer is a radio and television talk show host and the author of The Bush Boom.He can be reached through www.BowyerMedia.com.

Jerry Bowyer is the president of Bowyer Research and editor of Townhall Financial.

Most Popular

Elections

Vote Your Conscience

At the 2016 Republican convention, Senator Ted Cruz spoke a controversial phrase: “vote your conscience.” I think about this phrase, this idea, fairly often. I’m not one to give advice on voting (or much else). But when asked for advice, I usually say, “Vote your conscience.” Sweet conscience! One of ... Read More
Elections

Vote Your Conscience

At the 2016 Republican convention, Senator Ted Cruz spoke a controversial phrase: “vote your conscience.” I think about this phrase, this idea, fairly often. I’m not one to give advice on voting (or much else). But when asked for advice, I usually say, “Vote your conscience.” Sweet conscience! One of ... Read More
Music

Stevie Nicks, Like Springsteen, Preaches and Preens

In the 1970s, Stevie Nicks and Bruce Springsteen made impressions on pop-music culture with romantic rock landmarks, Fleetwood Mac’s Rumours album and Springsteen’s Born to Run. But their new 2020 releases, Nicks’s single “Show Them the Way” and Springsteen’s Letter to You film and album, make the ... Read More
Music

Stevie Nicks, Like Springsteen, Preaches and Preens

In the 1970s, Stevie Nicks and Bruce Springsteen made impressions on pop-music culture with romantic rock landmarks, Fleetwood Mac’s Rumours album and Springsteen’s Born to Run. But their new 2020 releases, Nicks’s single “Show Them the Way” and Springsteen’s Letter to You film and album, make the ... Read More
Law & the Courts

The Kavanaugh Court

If Justice Barrett votes as her mentor Justice Scalia did, she will be part of an ascendant conservative majority on the Supreme Court. What kinds of decisions can we expect from this majority? Short answer: Ask Brett Kavanaugh. Contrary to how journalists frame each seat change on the Court, comparing the new ... Read More
Law & the Courts

The Kavanaugh Court

If Justice Barrett votes as her mentor Justice Scalia did, she will be part of an ascendant conservative majority on the Supreme Court. What kinds of decisions can we expect from this majority? Short answer: Ask Brett Kavanaugh. Contrary to how journalists frame each seat change on the Court, comparing the new ... Read More