An Inconvenient Truth: Federal Deficit Shrinks Significantly Under Bush

Has anyone noticed that, despite the rhetoric from members of both political parties, the Federal deficit is shrinking?

For instance, in last week's Republican Presidential 'debate,' Congressman Ron Paul incorrectly stated that the deficit was increasing to horrific levels. Typical hand-wringing stuff.

In reality, though, the Wall Street Journal reported this week that for fiscal 2007, the Federal deficit had declined to $162.8B, from $248B in 2006. This was a 34% reduction in the annual deficit.

Ever the party of economic lies, North Dakota Democratic Senator Kent Conrad said,

"As we approach the end of President Bush's term in office, he is desperately trying to remake his image as a fiscal conservative. But it's too little, too late. He will go down in history as the most fiscally irresponsible president ever."

Wow. That's big. But, wait. Wasn't that special 'most fiscally irresponsible' title reserved for the Gipper two decades ago? Didn't Tip O'Neill used to bellyache about Reagan borrowing 'a trillion dollars and throwing a party?'

If that's all he, and our current President, had done, how did our economy continue to grow with such low inflation?

The truth, inconvenient as it may be, is that, despite fighting a war, President Bush has managed to bring down the deficit in three straight years.

Yes, there's that Nobel-class phrase- an inconvenient truth.

Personally, I think it's more a President vs. Congress thing, rather than just a party difference now. The recent Republican-dominated Congresses demonstrated their weakness for spending every buck the Federal government could tax into its coffers.

I honestly think it's a few, rare Presidents that can manage to keep their perspective, spending where necessary, without succumbing to every big-ticket liberal program that crosses their desk.

Even if President Bush should have vetoed more extravagant spending earlier in his administration, that does not alter the fact that he still has presided over three years of achievements- declining annual deficits- that Congress refuses to acknowledge.