Victor A. Canto manages to accidentally shoot down George W. Bush’s favorite deficit story:

But the one disturbing feature about the 2004 deficit figures is an attribution of $90 billion to a weaker-than-projected economy and $287 billion to the legislated Bush tax cuts[.]

Time to say hello to our old friend, Ari Fleischer:

the deficit, which was created by the war and the attack and the recession

Thanks Ari.

Canto, whose Ph.D. appears to be in batshit craziness (a registered trademark of The Tooney Bin,) goes on to argue that the deficit won’t be a problem in the future because, well, it’s like, you know:

It’s worrisome, however, that the official budget projections now in use underestimate the real GDP growth figure as well as the revenue effect of a strong economy and stock market. […] Even if tax revenues come in better than expected, the data show that the methodology used by the Treasury and the Congressional Budget Office are biased; they underestimate the substitution effects that occur in the real world and will overestimate the revenue losses of any future tax action.

Canto, drawing on an interesting mixture of stupidity and ignorance, writes that economic growth will be stronger than forecasted, hence no deficit. This he can accomplish by pretending that making Bush’s tax cuts permanent won’t have an impact on the projected deficit, that the Medicare drug benefit won’t prove to be very costly, and that the Administration will not need to spend any money in Iraq after September 30. So as long as all those things are true, then all will be fine and Bush’s “deficit reduction program related activities” will work out. Is it reasonable to assume all that? Sadly, No! Then again, what’s to stop a boy from dreaming?