Tuesday, June 24, 2003
BETTER TIMES AHEAD?
Either That, Or Someone’s Numbers Need Updating
CBS MarketWatch late last week reported:
The United States had a May budget deficit of $90.5 billion compared to [sic] a[n] $80.6 billion shortfall in the same month last year, the Treasury Department said Thursday. The results were in line with forecasts.
Year to date, the United States is running a deficit of just over $292 billion compared to [sic] $145.4 billion through the same timespan [sic] last year. The Bush administration is predicting a record $304.2 billion shortfall for all of fiscal 2003 and a slightly larger deficit in the next fiscal year.
Hmm. If the federal deficit is running at $292 billion fiscal-year-to-date, i.e., through May 31, then for the Bush administration’s “projection” to hold, the Treasury can run a deficit of only $12.2 billion between now and the end of the fiscal year.
The problem with that, of course, is that the federal government’s fiscal year ends September 30, meaning we have only four months of receipts and disbursements to work with in order to meet the Bush administration’s target.
Any takers?
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JAMES MARTIN CAPOZZOLA
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James Martin (Jim) Capozzola launched The Rittenhouse Review in April 2002, TRR: The Lighter Side of Rittenhouse, HorowitzWatch, and Smarter Andrew Sullivan in July 2002, and Bulldogs for Kerry-Edwards in October 2004. He is also a contributing member of President Boxer.
He received the 2002 Koufax Award for Best Post> for "Al Gore and the Alpha Girls" (published November 25, 2002). Capozzola's record in the Koufax Awards includes two additional nominations for 2002 (Best Blog and Best Writing), three nominations for 2003 (Best Blog, Best Series, and Best Writing), and two finalist nominations in 2004 (Best Blog and Best Writing).
Capozzola’s experience beyond the blogosphere includes a lengthy career in financial journalism, securities analysis, and investment research, and in freelance writing, editing, ghost-writing, and writing instruction.
He earned his bachelor's degree in political science from the University at Albany and a master's in foreign affairs from the University of Virginia.
Capozzola lives in Philadelphia with his bulldog, Mildred.
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