This is Bushenomics:
WASHINGTON (MarketWatch) -- The U.S. federal budget surplus widened by 82% in January to $38.2 billion from $21 billion a year earlier, the Treasury Department reported Monday.
Receipts rose 13% year-over-year to a record $260.6 billion, while outlays increased 6% to $222.4 billion, the Treasury said.
For the first four months of the 2007 fiscal year, the deficit was $42.2 billion, about 57.2% lower than the $98.4 billion deficit in the same period in the previous fiscal year.
For all of 2007, the CBO estimates a shortfall of about $200 billion, narrower than the $248 billion deficit in fiscal 2006.
But analysts at RBS Greenwich Capital believe this forecast is too pessimistic. They look for a drop in the deficit to around $155 billion in the fiscal year.
This is Pelosionomics:
Oh, for the days when Arizona's high school students could roll pizza dough, sweep up sticky floors in theaters or scoop ice cream without worrying about ballot initiatives affecting their earning power. That's certainly not the case under the state's new minimum-wage law that went into effect last month. Some Valley employers, especially those in the food industry, say payroll budgets have risen so much that they're cutting hours, instituting hiring freezes and laying off employees
And teens are among the first workers to go. Companies maintain the new wage was raised to $6.75 per hour from $5.15 per hour to help the breadwinners in working-poor families. Teens typically have other means of support.
Mark Messner, owner of Pepi's Pizza in south Phoenix, estimates he has employed more than 2,000 high school students since 1990. But he plans to lay off three teenage workers and decrease hours worked by others. Of his 25-person workforce, roughly 75 percent are in high school. "I've had to go to some of my kids and say, 'Look, my payroll just increased 13 percent,' " he said. " 'Sorry, I don't have any hours for you.' "
The Employment Policies Institute in Washington, which opposed the recent increases, cited 2003 data by Federal Reserve economists showing a 10 percent increase caused a 2 percent to 3 percent decrease in employment. It also cited comments by noted economist Milton Friedman, who maintained that high teen unemployment rates were largely the result of minimum-wage laws.
Tom Kelly, owner of Mary Coyle Ol' Fashion Ice Cream Parlor in Phoenix, voted for the minimum-wage increase. But he said, "The new law has impacted us quite a bit." It added about $2,000 per month in expenses. The store, which employs mostly teen workers, has cut back on hours and has not replaced a couple of workers who quit.
Hey Tom! Vote with your head next time; try not to support ballot initiatives that are aiming to destroy your business, OK? Can you grasp that?
I can just see him there, proud Bush-hating Democrat, scratching his skull and wondering why the wonderful socialist wage-pricing system he voted for is not quite working the way he thought...if he thought at all.
Big hat tip to Don Surber...
UPDATE 2/13: More hear about a Clinton-esque "boom" (only this time without the fradulant balance sheets) that is going unreported is here...