Irresponsible Editorials

Irresponsible Editorials

From Fox News. I leave this to stand on its own merits. . .

Good News Is No news

When the government announced last week that the federal budget deficit had fallen to its lowest level in five years — it was big news. But apparently not big enough to make a big splash in The New York Times or Washington Post. The New York Times ran a wire story in the back of the "A" section Friday. The Post put a wire story on its Web site Thursday afternoon and nothing in the paper.

But in an editorial Friday — The New York Times wrote the concept that lower tax rates generate more tax revenues is "nonsense." "That theory has been tested and failed, leading to enormous deficits during the administrations of Ronald Reagan and George W. Bush."

But in both those administrations, tax revenues grew after tax rates were cut. Indeed, in fiscal year 2007 tax revenues grew 6.7 percent — to a record of more than $2.5 trillion — and the deficit has declined each of the past three years.

Emphasis mine

On Principle,

CBass