Congress should cut spending, boost wealth creation

10/28/2002
The vanishing federal budget surplus has raised cries for repeal of cuts in income taxation that began last year. But a Heritage Foundation analyst thinks politicians should find a different culprit.Brian M. Riedl, a fellow in the Washington, DC, group's Thomas A. Roe Institute for Economic Policy Studies, says the surplus has leaks bigger than the tax cut.He notes that the Congressional Budget Office (CBO) has reduced its estimate for budget surpluses for 2002-11 from $5.6 trillion last year to just $336 billion in its most recent projection, published in August.According to CBO data, tax cuts account for only 8% of the decline in the 2002-only budget surplus and less than 25% of the...
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