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Politics : Formerly About Advanced Micro Devices

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To: Road Walker who wrote (305611)	10/8/2006 3:42:08 PM
From: Taro	Read Replies (2) of 1573936

Laffer curve at work According to the Congressional Budget Office, the deficit for the past fiscal year dropped to $250 billion, below both the CBO's August prediction of $260 billion and OMB's July prediction of $296 billion. At 2 percent of GDP, the budget deficit is now well below the 2.7 percent average of the past 40 years. In the words of today's Wall Street Journal, "The main cause of the deficit decline – 90% of it, says White House budget director Rob Portman – is a tidal wave of tax revenue. Tax collections have increased by $521 billion in the last two fiscal years, the largest two-year revenue increase – even after adjusting for inflation – in American history. If you're surprised to hear that, it's probably because inside Washington this is treated as the only secret no one wants to print. On the few occasions when the media pay attention to the rise in tax collections, they scratch their heads and wonder where this 'surprising' and 'unexpected windfall' came from."

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