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Independent voices from the The Washington Times Communities
Topic - Scott Grannis
For many investors, the more than halving of the deficit from a high of $1.55 trillion during the depths of the recession is the latest sign that the economy finally has turned the corner and is on a solidly upward path.
After years of fearing the worst about the deficit, investors and analysts are starting to hope for the best, Mr. Grannis said.
"The main driver of higher revenues is simply the ongoing growth of the U.S. economy, which in turn has boosted incomes, corporate profits and capital gains," he said. "The bigger story, however, is the huge decline in federal spending. No actual cuts were necessary to reduce the burden of government spending by over 3 percentage points in just four years."