On Aug. 23, Joe Knollenberg made a post to his official blog bragging about the improvement in the federal budget deficit:

Thanks to the pro-small business, pro-entrepreneurial, pro-family tax cuts of 2001 and 2003, federal tax revenue is coming in at brisker than expected pace. As a result, the federal budget deficit is expected to fall to $158 billion this year. That is $90 billion less than last year’s deficit and it’s $19 billion less than the amount projected earlier this year.

Isn’t that wonderful?

Well, no.

First, keep in mind that before Joe Knollenberg’s hero, George W. Bush, became president, we were running a budget surplus. Is it all that exciting to get the deficit down to only $158 billion?

Also, as usual, Joe Knollenberg is only telling us half of the story. He’s happy to quote the Congressional Budget Office’s projection of $158 billion this year, but he doesn’t mention its estimate of $244 billion for next year, or the fact they expect the deficit to approach $400 billion by 2011.

Over the long term, the budget remains on an unsustainable path - Congressional Budget Office, Aug. 23, 2007

Joe Knollenberg calls that good news?