US Budget Deficit Down (Again!)

The US Budget Deficit has declined once again to its best level in 5 years, to 1.1% of GDP. Another way to look at it is, it's declined to its lowest level in 5 years even after considering the higher spending levels that took place in 2002 and 2003 due to 9/11 and the severe recession which he inherited from the previous administration.

While we hear a lot about this administration's propensity to spend and how horrible it is that the deficit level has averaged 1.5% of GDP during Bush administration's first 6 years (compared with Clinton administration's first 6 years of 2.5%), we don't hear a lot about what are the budget deficit in other countries. For example, the UK deficit is at 2.7% of GDP and it's almost NEVER talked about in the UK press. In France it's at 2.3% of GDP. In Germany it is at 1.7% of GDP. In Italy it's at 2.4%. Just want to bring that up as those are the four largest economies in Europe.

This whole talk about budget deficits in the US press is by and large a sham used as a tool to attack Bush and his tax cuts which liberals despise. A deficit of 1.1% is nothing, and after considering that most states are running surpluses, the deficit is all but wiped out in the US. I predict that if a democrat makes it into the presidency we will never hear of our budget deficit ever again, just as was the case when Clinton was in office.