Last week, the White House announced changes in projections for fiscal health. In June, the government will have a surplus and the projected deficit for this year will be $214 billion less than originally projected. That means the deficit will be 4.7% of GDP (the nation’s total income), down from the original forecast of 6%. Moreover, the deficit will be below 3% of GDP by 2017. Now it is time for the follies to begin.
Today is the 10-year anniversary of President Bush’s tax cuts that went mostly to very rich individuals and big corporations. According to the rosy economic scenario Bush and the Republicans painted, the nation today should be figuring out to what to do with a $5.6 trillion budget surplus and just how to fill the tens of millions of new jobs that were supposed to generate new wealth for all of us.
It’s been four years since low-wage workers got a raise. Sign the petition to tell Congress it’s time to raise the minimum wage.
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