The Deficit & The US Economy

Recently, Daniel was complaining about the Federal deficit, and the general state of the economy. Comin out of left field is the New York Post:
"President Bush took a moment yester day to point with pride at a re election campaign promise kept: He vowed two years ago that his tax cuts would produce enough new revenue to cut the federal deficit by half in five years, and the latest figures show they've done just that - three years early.
It now stands at $247.7 billion - down from $520 billion in 2004.
And it's continuing to drop.
"These budget numbers are proof that pro-growth economic policies work," Bush said.
You'd think that Democrats - they are patriotic Americans, after all - would revel in the good news. Ha!
"Only a president with such a historically bad economic record would be this excited about a $248 billion deficit," said Manhattan Rep. Carolyn Maloney. "Under his watch . . . record surpluses turned into record deficits as far as the eye can see."
Really?
A recession was already under way when Bush took office in 2001, and 9/11 severely damaged the economy (especially in New York).
But then came the tax cuts - and swiftly the economy was growing at a 4 percent annual clip.
Some 6.6 million new jobs were created since 2003 - and unemployment has practically hit rock bottom. "

The article is a great read, and I would recomend it.
But think about it. In 2 years, the Republican House, Senate and White House have cut the deficit by more then 50%, and if they get a check on spending, we can have a non-debted federal government.
One can dream.