Tuesday, July 05, 2005

Deficit Dropping

According to the Washington Post the FY 2005 deficit may be as much as $102 billion less than was predicted in January - due to increasing tax receipts. Many believe this is evidence that the tax relief Congress passed has lead to sustained economic growth while keeping the tax burden at its lowest point in nearly 50 years.

At the same time, the article also gives us a reality check. Next year, the Medicare prescription drug plan comes online, with the baby bommers retiring in the next 4-5 years - putting strain on both Medicare and Social Security.

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