Once again, the conservative view that lower taxes and decreased spending increases revenue is proving factual yet again:
The new figure is considerably smaller than original estimates. In February, the White House predicted that this year's deficit would be $244 billion because of stronger-than-expected revenue collections. The deficit hit a peak of $413 billion in 2004 and was $248 billion last year.
At least President Bush got half of the equation correct -- he forgot the reduced spending portion that usually goes along with it. Conservative are rightly upset with the outsized spending bills the Congress submitted and the president signed.
It's been proven time and again, when John F. Kennedy came to office, he sought reduced taxes for everyone -- including the rich -- almost immediately (although the actual cuts were not implemented until after he died.) And that action led the country into an economic boom. Jimmy Carter raised taxes when he took office and the nation plunged into a recession that featured high unemployment, stratospheric inflation and enormous interest rates. Once Reagan was inaugurated, he pushed through massive tax cuts and the nation prospered throughout his two-terms.

