The Economy Will Rebound Eventually Despite Obama’s Policies, Not Because of Them — But He Will Take Credit
Business eventually figures out how to make things work even in an Obama economy.
Check it out:
James Pethokoukis, who is a fellow at the American Enterprise Institute, published a blog post yesterday. I didn’t see it until last night after the program yesterday. “Is the US on the Verge of Running a Budget Surplus? — The US government ran a surplus of $112 billion in April 2013, according to the Congressional Budget Office, $52 billion more than a year ago. Now, April is usually a good month for the treasury thanks to income tax payments. Still, the surpluses recorded in April 2012 and 2013 were the first seen in that month since 2008.”
These are the first surpluses since Obama took office.
“More good news: Revenue for the first seven months of the fiscal year is up 16%, or $220 billion, from the year-ago period. To the number crunchers at Potomac Research, the combo of those surging revenues and the sequestration spending cuts points to a stunning possibility.” Are you ready? “[O]fficial forecasters will have to radically alter their projections this summer. The CBO forecast of $845 billion in red ink [deficit] this year, 5.3% of GDP, is hopelessly outdated; the deficit will fall well below 5% of GDP, perhaps to about $700 billion.