John Hinderaker, lead writer of the conservative Power Line Blog, goes after the New York Times coverage of soaring federal revenues here. Below, an excerpt from Hinderaker’s post:
The [Times] article is titled "Surprising Jump in Tax Revenues Curbs U.S. Deficit." Of course, the jump in tax revenues was especially surprising to those, like the Times, who deprecate supply side economics and stubbornly refuse to learn from experience.
The Times begins: “On Tuesday, White House officials are expected to announce that the tax receipts will be about $250 billion above last year's levels. . .” You'd think the Times would be rejoicing, right? The deficit is coming down and the money is coming from the "wealthy" . . . and corporations. Yet somehow, champagne corks aren't popping . . .
[The Times writes that] “many independent budget analysts note that overall revenues have barely climbed back to the levels reached in 2000. . .”
[But look at] the chart [above,]presented by John Snow at the end of 2005. . .
As you can plainly see, total receipts soared far past the 2000 total last year, and, if 2006 revenues are up by $250 billion, as the article itself reports, they will exceed 2000 by around 20%. [T]hat's [a] Times' . . . blooper. . .
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