The Tax Cuts Are Working? Hardly.

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As expected, the Bush administration announced today that this year’s budget deficit is not nearly as bad as officials had predicted it would be a few months ago. On the off- chance that this strikes you as cause for celebration, you can reuse the same party hat you wore last year. According to the Los Angeles Times, “This will be the third year in a row that the administration put forth relatively gloomy deficit forecasts early on, only to announce months later that things had turned out better than expected. To some skeptics, it’s beginning to look like an economic version of the old ‘expectations’ game.”

To President Bush, on the other hand, the news looked like proof that he had it right all along. “The tax cuts we passed work,” he declared this morning. Economists at the Center for Budget and Policy Priorities, meanwhile, dispute this claim, using data gleaned from a Treasury Department analysis presented at the very same Mid-Session Review at which President Bush made his announcement. Guess they shouldn’t have commissioned that study…

DEMOCRACY DOES NOT EXIST...

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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