This economic reality should be a law of physics that applies generally and only fails in extreme economic situations. That way we can avoid the shock of the MSM when they realize economic lift works just as reliably as a wing provides lift.

Our deficit this year may be down 25% from original projections according to Secretary Snow

Earlier this year, the White House projected a $427 billion deficit for fiscal year 2005 that ends Sept. 30.

Some private analysts are now projecting a deficit of around $350 billion based on figures showing stronger-than-expected tax revenues in the spring.

But can you taste and feel the disbelief in the reporting?

In addition to stronger-than-anticipated revenues due to a strong economy, spending constraints have also helped rein in the deficit, he said.

“Fortunately the last couple of years we’ve seen spending under control, too,” Snow said.

Not to shine too brightly on the administrations great handling of the economy since 9-11 the reporter has to point to funny numbers to find a grey cloud in this silver lining

Even so, in the last fiscal year, the U.S. budget deficit widened to a record $412 billion. Governments of major industrial economies have expressed concerned the U.S. deficit is contributing to “global imbalances” that are risks to economic growth around the world.

That’s because the US Federal government uses antiquated static economic models which assume nothing government does can effect the economy. Yeah, right. So the deficit was a record before it was not a record. Someone call John Kerry – his best line is being stolen by an amatuer.