Record Tax Receipts: Balanced Budget by 2009

from Brian S. Wesbury and Robert Stein

The U.S. Treasury Department reported a gusher of tax revenue last week. Tuesday alone, the Treasury received $48.7 billion from individual taxpayers as their final tax payment for 2006, an all-time single-day record, and one-third higher than the same day last year.

Based on information available through Friday, we estimate federal receipts at about $390 billion in April. This would be the largest tax take for any month in American history, up 25% versus last April, and up 18% versus the previous record high in April 2001.

With incomes and profits growing rapidly, the U.S. budget deficit will fall to about $145 billion during the twelve months ending in April. To put this in perspective, the deficit was $455 billion as recently as three years ago (the twelve months through April 2004).

These trends increase our confidence in the lonely forecast we made back in early February that the budget deficit would drop to $115 billion for the 2007 fiscal year, and disappear in Fiscal 2009, possibly before. In contrast, the Congressional Budget Office estimates a deficit of $177 billion this year, with the White House at $244 billion. Expect major revisions to these numbers.

The economy isn’t cooperating with the democrat plans for a 2008 takeover. Since “tax cuts for the rich” have facilitated strong economic growth, generating the record gusher of tax receipts, every day pocketbook issues will favor the GOP. Add to this the fact that the Left has bet the ranch on defeat in Iraq, we should expect the democrat political rhetoric to get even more shrill –if that’s possible.

h/t FR

Gotcha! (from a famous ‘Sun’ headline in the UK).


[editor’s note,  FYI — here is a link to the background story. ]

Melting Arctic Sea Ice: Bad News for Iran

Science Daily — Arctic sea ice is melting at a significantly faster rate than projected by even the most advanced computer models, a new study concludes. The research, by scientists at the National Center for Atmospheric Research (NCAR) and the University of Colorado’s National Snow and Ice Data Center (NSIDC), shows that the Arctic’s ice cover is retreating more rapidly than estimated by any of the 18 computer models used by the Intergovernmental Panel on Climate Change (IPCC) in preparing its 2007 assessment. …

“While the ice is disappearing faster than the computer models indicate, both observations and the models point in the same direction: the Arctic is losing ice at an increasingly rapid pace and the impact of greenhouse gases is growing,” says NCAR scientist Marika Holland, one of the study’s co-authors.

In order to stop the devastating effects of rampaging global warming, as leaders of the Free world, we have only one choice: we must nuke Iran. In a study published last year, a scientific consensus stated that the only sure way to stop global warming was a nuclear war.

“With the exchange of 100 15-kiloton weapons as posed in this scenario, the estimated quantities of smoke generated could lead to global climate anomalies exceeding any changes experienced in recorded history,” Robock said. And that’s just 0.03 percent of the total explosive power of the current world nuclear arsenal.”

The climate effects of particulate matter are of increasing interest to climate scientists. Some researchers have postulated that a similar release of sulfate aerosols into the atmosphere could be used in a worst-case scenario to block global warming. However no one is advocating nuclear war as a practical solution to global warming. source

This report was issued, however, before the Arctic Sea Ice study was completed.

Dear Mr. President, for the good of the planet, and to stop the deadly menace of global warming in its tracks, Iran has gotta go. /s

Okefenokee Fire

georgiafire.jpgAn image of the smoke from the Sweat Farm Road Fire in southern Georgia is captured by NASA’s Moderate Resolution Imaging Spectroradiometer (MODIS) on the Terra satellite on April 17, 2007. The fire exploded from 1,000 acres to more than 20,000 acres in less than 24 hours between April 16 and 17 and strong winds whipped the blaze into 100-foot flames. The fire is about 10 miles southwest of the city of Waycross, Georgia, and it has burned into the northeastern part of the Okefenokee Swamp. (UPI Photo/NASA)

Other good reads:

Amil Imani: (excerpt) “I am already against the next war,” read the bumper sticker on a car ahead of me. I long to tell the driver: the next war is already here; Islamists are waging it in every corner of the globe and the “moderate Muslims” are either actively supporting them, placing the blame on the West, or simply looking the other way. This war aims to wipe out everything that free people cherish, including the right of expressing their sentiments. Banishing war has been the perennial dream of mankind’s best, while its worst have been frustrating its realization.To renounce war unilaterally and unconditionally is surrender and death. source

Hang Right Politics: Kathy doubts whether Carl Bernstein’s new book will be very revealing.

And, nobody, and I mean nobody, does political satire better than The People’s Cube
excerpt: “Isn’t Bush a capitalist criminal that stole oil from the Middle East and unleashed global warming on Iraq, leaving the impoverished locals to blow themselves up from heat and exhaustion? Well, who would we rather believe – you or our professionally trained teachers?”


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