Blogging Tory Jabba the Roy is all a-quiver with excitement:
Strong economic growth has already shrank the deficit federally. Very good news. The deficit for 2009-2010 is 20% smaller than forecast. It is still a massive $40 billion dollars, but it is a good sign that it is already shrinking.
Celebrating because the deficit is 20% smaller than was forecast is somewhat akin to praising the Catholic Church because they're fucking 20% fewer altar boys than they used to.
1 comment:
Jabba can cheer. It just shows how much economic growth can shrink deficits rather than slashing vital programs.
What I'm wondering though is how much of this growth is the result of a growing real-estate bubble, increasing household debt, and an unsustainable stock-market rally.
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