Calling Bush’s Bluff on Tax Cuts

In his weekly radio address today, Bush pushed for legislation to make tax-cuts permanent.  But a reason he gives to justify this, a reduction in the deficit, is suspect:

Bush Says Congress Needs to Overhaul Tax Code, Social Security, Bloomberg:  President George W. Bush urged Congress to make permanent the tax cuts enacted during his first term and draft legislation to bolster the Social Security program, after the lawmakers return from their August break.  ''The tax relief stimulated economic vitality and growth and it has helped increase revenues to the Treasury,'' Bush said in his weekly radio address. ''The increased revenues and our spending restraint have led to good progress in reducing the federal deficit.'' …

Jim Hamilton, who knows a little bit about how to look into such matters, blew a great big hole in the claim that tax cuts reduced the deficit.  No wonder Bush’s credibility is falling so fast.