More Bush Chicanery

Did you know the federal defecit is down? That would be good news except for this part:

"The 2006 deficit was far lower than the $423 billion figure the administration had projected last February and also represented an improvement from a July revised estimate of $295.8 billion."

I mean it sounds like good news except for one small fact. The Bush administration has been over estimating how large the defecit will be for years so that they can come back later and say "see our economic policies have been working, the defecit is going down, keep those tax cuts to the rich coming" but they never mention that they started with a surplus and that those very tax cuts to the rich started the defecit in the first place.

Paul Krugman has been writing about this for the last couple of years.