October 14, 2005

PIN MONEY:

Federal deficit below last year's record (ANDREW TAYLOR, October 14, 2005, AP)

The federal deficit hit $319 billion for the budget year just ended, down from last year's record red ink though a surge in Katrina-driven spending threatens to drive it up again.

The improvement from the record $413 billion recorded in the 2004 budget year, which the Treasury Department reported on Friday, is largely due to a surge in federal revenues from an improving economy.


In a $12 Trillion economy it's just more negligible than last years.

Posted by Orrin Judd at October 14, 2005 5:43 PM
Comments

Calling last year's deficit a "record" is just ignorant.

Like a lack of understanding about supply vs. demand, I'm continually puzzled about why the average person doesn't discern between "nominal" and "real" valuations.

After all, 85%+ of adult Americans have lived through inflationary periods.

Posted by: Michael Herdegen [TypeKey Profile Page] at October 14, 2005 6:14 PM

Michael:

Yes, but if anyone understood number the full moon Right wouldn't be baying at W's spending.

Posted by: oj at October 14, 2005 6:17 PM

The full moon left likes to bay about the deficit too, until they get in power.

Posted by: jdkelly at October 14, 2005 6:30 PM

"Surge in Katrina driven spending"
Perhaps. But the $200BN figure being thrown around a month ago seems to have dissapeared. And if the reconstruction of the Gulf Coast helps spur the economy on even more this, like many MSM statements, will have been overblown.

Posted by: AWW at October 14, 2005 8:41 PM
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