No one disputes that revenues went up, what they dispute is revenues as a percentage of GNP.   The economy did well -- which was probably due to the spending going all to hell, but maybe a fraction of it due to tax cuts -- but revenues did not match the growth, and the spending went all to hell, hence the burgeoning deficit.

Meanwhile, back in today, I think it is getting clearer that Obama is not remotely going to be radical enough for this economy. Paul Krugman in today's New York Times has it pretty right. It has been getting obvious that in spite of the screaming about socialism, Obama has been caught by the private-sector guys in his midst. On health care and the banking disaster, he's going to go for some other private-sector run scheme, neither of which will do the real job.

yours,

Peter T.