Monday, February 02, 2004

real source of deficit - and deceit Posted here Monday, February 02, 2004 at 10:00:31 PM     Important.. from Krugman in the NYT The prime cause of giant budget deficits is a plunge in the federal government's tax take, which fell from 20.9 percent of G.D.P. in fiscal 2000 to a projected 15.7 percent this year, the lowest share since 1950. About 45 percent of this plunge can be attributed to the Bush tax cuts. The rest reflects the end of the stock market bubble, the still-depressed economy and — probably — growing tax sheltering and evasion. ********