I blame Israel and the jooooos.

No one will believe it. The left wingers still haven't figured out that the only surplus (was the most lies by any group of people in 8 years) in the 90's was a result of creative bookkeeping (same as Worldcom) by Slick Willie's regime. It is out as a fact now but they still think there was a surplus and the antique MSM will not correct the lies they told for years. Budgets surplus's are like polls, the result depends on the biggest liar.

Captain's Quarters has something up about this, going into some detail about the creative bookkeeping used to mask the real size of the deficit. It's not limited to either party either, no matter who's in charge they're cooking the books.

Now, if they stay consistent, then the deficit numbers are good for comparative purposes, even if not the true figures. The problem is when they change methodology, then you lose any value in the numbers at all.

During our other major wars have we ever had a budget deficit as low as 2% of GDP?

***LEFTY NEWS FLASH***

More proof of the failed Bush economic policy. The second quarter of 2006 ONLY produced 108,000 jobs per month, WAY, WAY below forecasted expectations.

In the meantime, 4.6% of the population is suffering from unemployment created by this greedy tax cut for the rich administration.

Democrats can do better by taxing this country into prosperity as proven from past tax increases.

After all, look how Ronald Reagan benefited from the 70% tax brackets instituted by the Carter administration. Carter never got the credit as the propaganda machine of the right failed to give credit where credit was due.

In other world economic news, the island paradise of Cuba maintains a zero unemployment rate and continues to furnish free college educations and free health care to it’s citizens.

***LEFTY SPORTS NEWS***

Kim Jong II, makes 11 holes in one on his first attempt at golf.

I love talking to a rightie when the deficit is staggeringly high and hearing how unimportant it is, then when the news improves, listening the him/her trumpet it from the rooftops.

If there was ever a subject that the general public had little or no grasp on, this is it, and it's used for partisan gain on both sides every single year

Andrew;

Babysitting a bunch of ungrateful Iraqis blowing each other up can hardly be considered a "major" war. One more lost American life over that wretched hell hole of a ountry is far too much. Just my 2 cents.

By the same token I love listening to someone talk about how important the deficit is and then ignoring the numbers when they are better than expected. The same is done with GDP growth, and unemployment.

I have to agree with Ted. The "deficit" is a cooked number that ignores certain entitlements, like Medicare and Social Security. Kinda like Enron's public books before the meltdown...

I love talking to a rightie when the deficit is staggeringly high and hearing how unimportant it is, then when the news improves, listening the him/her trumpet it from the rooftops.

I love talking to lefties who are oblivious to the fact that lefty economics gave us the coined phrase “Tax and Spend Liberal”.

Please lefties, when discussing economics, just post “DUH, deet da dee” and be through with it. It will have the same meaning as any other rambling words you could post.

I have to agree with Ted. The "deficit" is a cooked number that ignores certain entitlements, like Medicare and Social Security. Kinda like Enron's public books before the meltdown...

They always have been cooked so its still somewhat valid for a relative comparison

I believe the recipe was recently changed to make the cooked values more palatable. And more difficult to compare.

Gee, just think how low the deficit could go if we doubled everyone's taxes. Of course, the people not paying any taxes will be a bit miffed that their bill was doubled, but you gotta break a few eggs if you want to scramble an omelet. Or something.

Let's see, according to "The Economist" (a non-right rag), France's debt to percentage of GDP is about 52%, vs. our 2-3%. Yet all we hear about is our huge U.S. deficit in total Dollars vs. %. No spin there.... I won't even mention out employment rate compared to theirs in sympathy.

Oh wait, I am incorrect. It is actually 66% public debt to GDP from Mr. Chirac. And Since Lefties always demand sources and yet ignore them, here it is:
The Economist: July 15th-21st 2006. Title: "The man who deserves as red card". Page 49, column 2, paragraph 3. "It's(France's) public debt has swollen from 55% of GDP to 66%"
Yes our 2% is huge, lol.

GoldenGreg,

You might be confusing deficit and debt. Our debt is probably in the 60-70% range of GDP, which is not huge compared to just after World War II, for example, when it was over 200%. Clinton was at about 63%, I think, for his whole administration.

(Lefties like to compare deficit to GNP instead of GDP because it makes the problem they created of production leaving the US look like a huge spike in deficit for Bush.)

Okay, now I'm guilty of confusing GDP and GNP, so disregard my last comment.

Also, it peaked at 120%, not 200%. I'm still trying to find a graph of debt vs. GNP to show the difference. Here's the GDP one:

http://zfacts.com/p/318.html