reported u.s. mid-summer debt reduction is just whistling in the fiscal graveyeard

CONCORD COALITION WARNS AGAINST FISCAL EUPHORIA

The Concord Coalition also urged lawmakers and the public to keep today's new numbers--particularly the revenue growth--in perspective. Adjusted for inflation, revenues are just now reaching their level of five years ago. As a percentage of GDP, revenues fell from 20.9 percent in 2000 to 16.3 percent in 2003-- the lowest such number since 1959-- before rebounding this year to the administration's projected level of 18.3 percent. Meanwhile, spending has risen from 18.4 percent of GDP in 2000 to 20.6 percent under the Administration's policies.[emphasis mine].

i saw this coming last week while i was away on holiday. the *short-term* up-tick in tax revenues trumpted by the u.s. government today is such a minor blip that all reputable economists dismiss it as trivial. given the *growing* u.s. debt and the continued threat of rising fuel costs coupled with a general weak economy, americans have very little to cheear about right now. and that does not even include the expected pressure from retirees and medical expenses due to hit in the next decade.

btw - if you want to keep a sharp eye on the condition of the u.s. budget, i highly recommend the non-partisan concord coalition web site. it's not very 'pretty' as sites go, but it's right on target and a great resource

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