Budget News

I don't expect this story to be widely reported, but it shows once again that cutting taxes spurs economic growth. Instead of a decline in revenue (there is often a short period of downturn after a tax reduction, but only because there is a lag in impact), tax cuts actually increase tax revenues over the long term.

The bad news is that both the President and the Congress have allowed spending to get out of control (Iraq is partly, but only partly to blame).