A tale of two trendlines

By Ed Lasky

The latest federal budget deficit projectionis are once again heading south, yet polls reveal that the public believes the economy is not doing well. As the New York Sun notes today, as a percentage of the GDP, the decline is quite striking:

2004 - 3.6%
2005 - 2.6%
2006 - 1.9%
2007 - 1.5%

The New York Times, pilot fish for the nation's media, will never give the President credit. The Sun reminds us that

The New York Times's Paul Krugman, in December, wrote that President Bush "plunged the budget deep into deficit by cutting taxes on dividends and capital gains even as he took the country into a disastrous war."

The funny thing is that the New York Times Company's financial health is going in the exact opposite direction, with its bond rating on the verge of junk status.