President Bush is out saying that his tax cuts are responsible for the deficit this year being lower than his economists predicted earlier this year and slightly lower than the actual deficit last year. But is someone going to mention that the tax cuts are the prime reason we have record deficits to begin with? President Bush came into office with surpluses. He ran up the deficits, structural deficits created by his tax cuts. Or have we forgotten that?

Late Update: There's a good editorial making this point in The New Republic a few weeks back. Unfortunately, it's behind their subscription wall. But I'll give you this snippet: "Halving a deficit you inherited would be something to brag about. Halving a deficit you created, not so much. You don't see Bush's former chief domestic policy adviser Claude Allen boasting that he has returned half the merchandise he filched from Target." And as the editors point out, this would be the case if the claim of reducing the deficit were true, which it turns out not to be. Oh well. News editor dorks who got taken in can seek absolution where?