So they New York Times is reporting that the federal deficit is down lower this year:
The Treasury Department reported on Friday that the government produced a deficit of $157.3 billion for the budget year that began last Oct. 1.
In the beginning of the article however, the Times reports this little fact:
The federal deficit so far this budget year is running sharply lower, driven by record revenues pouring into government coffers.
It’s no lie that many economists and political pundits credit the Bush tax cuts as the main reason why the United States is experiencing steady economic growth, especially on the heels of recent terrorist attacks, natural disasters, and political deadlock. Nobody denies (except for liberal Dems) that supply-side economic policies have helped to spur the economy, producing more incoming revenue for the federal treasury.
While record revenues are a good thing for a Congress and a president who want to throw our money away like drunken jailors, many conservatives are also hailing record revenues as an accomplishment for this president and the former GOP-controlled Congress. This I don’t understand.
The ultimate question is thus: Why are we celebrating the federal government taking more of our money than at any time in the history of our union?! This is something that doesn’t strike me as a good thing, yet many advocates of limited government and low taxes are excited by this. Since when was it a good thing that a nation’s goverment has taken more citizens’ money than any other government in the history of the world?! The founding fathers put their lives on the line against George III for many smaller outrages than this; they would be ashamed.
In my opinion, it is time for a renewed mindset about taxes, especially in conservative circles. We don’t just need to cut the spending, we need to realize that the more money government takes, the more freedom we risk giving away, including our freedom to spend, save, or otherwise invest. The free market works and government must keep its hands off the economy, including the money we give it.