The Deficit Outlook
Gross Domestic Product and Gross Domestic Income

Why Oh Why Can't We Have a Better Press Corps? (Yet Another WSJ Editorial Edition)

Brendan Nyhan reads the WSJ editorial page so the rest of us don't have to:

Brendan Nyhan: WSJ agitprop on CBO report: The WSJ continues

A second fact you won't see in many other newspapers is that the federal budget deficit has also declined to close to its modern average. CBO says the deficit will fall to 2.7% of national output in the fiscal year that ends at the end of next month. It is expected to continue to fall to 2.4% of GDP next year and 2.0% in 2010, even if the Bush tax rates stay in place.

But... the Journal's 2010 date is cherrypicked -- the effects of extending President Bush's tax cuts... explode over the next five [years]. Once again, the lesson here is simple: never trust the Wall Street Journal editorial page.

A lesson to place alongside "never get involved in a land war in Asia," "never play poker with a man named 'Doc'," and "never accept a battle of wits where iocane powder is a factor."