According to the AP, businesses and individuals doing what they do is increasing money coming into the Federal coffers.
Through the first eight months of the current budget year, which began on Oct. 1, government revenues have totaled $1.545 trillion, up 12.9 percent from a year ago.
This is a good thing for all of us - including our children.
The Congressional Budget Office is forecasting that this year’s deficit will be around $300 billion, significantly below a previous estimate of $350 billion, reflecting significant increases in tax revenues, reflecting the strong economy.
The government is still spending like the proverbial drunken sailor, but it looks like politicians are just hoping that the strong economy can gobble up the debt.
Through the first eight months of the budget year, the deficit totaled $227 billion, down 16.7 percent from the same period in 2005, when the red ink totaled $272.3 billion.
It would be nice if they also believed in not spending more than they take in.
Government spending is also up but at a slower pace, rising by 8 percent to $1.772 trillion, compared to the same eight months in the 2005 budget year.
This continues to make the case that when politicians get out of the way, families, entrepreneurs and businesses can power an amazingly strong economic engine. It's when our elected officials think we elected them to manage our personal finances that trouble follows.
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