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July 27, 2005

Revenue Situation

The consensus on the federal revenue situation:

REVENUE COLLECTIONS IN 2005: WHAT DOES THE RECENT INCREASE IN REVENUES SIGNIFY? by Richard Kogan and Isaac Shapiro: Shortly before the release of CBO’s July’s Monthly Budget Review, which provided data on the recent revenue increases, the director of CBO emphasized the temporary nature of the revenue surge. “I do hope people are taking this with a grain of salt and not thinking this is 1998 all over again,” CBO’s director Douglas Holtz-Eakin said. “There’s simply no question if you take yourself to 2008, 2009, or 2010, that vision is the same today as it was two months ago.”

http://www.cbpp.org/7-12-05bud.pdf

Posted by DeLong at July 27, 2005 10:11 AM