NEW YORK (AP) -- Wall Street soared Thursday, propelling the Standard & Poor's 500 index and Dow Jones industrials to record highs as bright spots among generally sluggish retail sales allowed investors to toss aside concerns about the health of the economy. (emphasis mine--Darren)
But wait, there's more! And it's not Ginsu knives.
Incredible Shrinking Deficit
New York Sun Editorial
July 12, 2007
2004 - $413 billion
2005 - $318 billion
2006 - $248 billion
2007 - $205 billion...
But as the shrinking figures above show, in fact the deficit is shrinking. When you look at it as a percentage of GDP, the decline is even more striking:
2004 - 3.6%
2005 - 2.6%
2006 - 1.9%
2007 - 1.5%
This isn't to say that we shouldn't get a handle on federal spending--after all, a deficit is a deficit. I've used the phrase "spending money like a drunken sailor in a Southeast Asian port" to describe the last several years.
But we've had worse spending than this (as a percentage of GDP) before and if the stock market was up, the president was fine (and got reelected). I certainly haven't heard this excellent news trumpeted on ABC World News, like they used to announce each new stock market high or milestone ending in three zeroes.
Funny how the rules change.
Hat tip to Instapundit (see blogroll at left).