October 12, 2006

BizzyBlog Post Noted in Another Post — The New York Post

Filed under: Economy,News from Other Sites,Taxes & Government — Tom @ 7:42 pm

In a rarity, a media outlet is covering a topic that doesn’t have Mark Foley’s name on it.

Referring back to this post (“The Federal Budget Deficit: Bush Benchmark Achieved, Ignored”) that went up at BizzyBlog Sunday morning, the New York Post’s “Tax $$$ Windfall Closes Budget Gap” article today by Roddy Boyd closed with these eight paragraphs (BizzyBlog paras bolded):

“It’s clear that Republicans will be able to force some Democrats to eat crow, at least as far as making permanent [Bush's] tax cuts, since tax receipts are the primary basis for this figure,” said American Enterprise Institute’s Kevin Hassett, an economist at the conservative think tank.

The boost in tax receipts, according to Tom Blumer, an economist whose Bizzy Blog Web site is a clearinghouse for supply-side ideas, was the direct result of the tax cuts.

In a posting, Blumer argued receipts have soared to $2.41 trillion from $1.78 trillion. In 2006 alone, he estimated, receipts will increase by 11.7 percent.

Blumer argued that if federal tax receipts continue to increase at a 9 percent growth rate, the 2009 budget might show a surplus.

He wrote that growth rate is not pie-in-the-sky, as it represented only 70 percent of the 13.1 percent increase in receipts of the past two years.

American Enterprise’s Hassett counseled caution however.

“This administration, and certainly the Congress, has shown little inclination towards spending discipline, so they may well give away the gains [in deficit reduction] via spending,” said Hassett.

Administration officials said the actual 2006 deficit is down to 1.9 percent of the gross domestic product. This continues a positive trend that comes despite soaring war costs and $50 billion in emergency spending for hurricane relief, they said.

Very cool, though the Post whiffed on three things:

  • It’s BizzyBlog without the space.
  • I’m a CPA, not an economist (don’t know, which is worse – ha).
  • It would be nice if the Post joined the 21st century and put links in its articles (esp for the linkee!).

My Rupert Murdoch vast right-wing conspiracy decoder ring should arrive any day now.

Share

8 Comments

  1. That is OUTSTANDING! Bizzy…Another feather in your cap!

    Comment by Matt Hurley — October 12, 2006 @ 9:19 pm

  2. Aw, shucks, I’m speechless.

    Comment by TBlumer — October 12, 2006 @ 9:21 pm

  3. Way to be, Tom!

    Although a surplus in our government is about the least efficient place to have extra money…

    Continued success!

    Comment by snowballs — October 12, 2006 @ 9:44 pm

  4. You work and work, toil and toil, give up vacations, holidays and weekends and what do you get…extra space….ah quit your complainin and bask!

    Comment by Tracy Coyle — October 12, 2006 @ 10:19 pm

  5. Okay, okay…. the sunlamp’s on …. I’m basking.

    Comment by TBlumer — October 12, 2006 @ 10:48 pm

  6. Bravo, Tom! It’s always nice to see good, solid work recognized.

    Comment by The Puddle Pirate — October 12, 2006 @ 11:04 pm

  7. Wow, a clearinghouse for supply-side ideas. I’m ever so impressed.

    Comment by dave — October 12, 2006 @ 11:06 pm

  8. #6, Thanks.

    #7, Shhh. Actually, I have been feeding Laffer his ideas for years. And I cleared your comment, did I not? :–>

    Comment by TBlumer — October 12, 2006 @ 11:20 pm

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.