What did Dick Armey predict about the economy in August 1993?
Dick Armey, U.S. Representative (R-TX), House Republican Conference chairman ·
Like so many of the President's past promises, deficit reduction will be another cruel hoax. Tax revenues will lag because the economy will fall.
Receipts up 75%; surplus by FY1998
Armey said the 1993 budget bill would sink the economy and tax revenue would lag. Revenue rose every year, and the deficit became a surplus by fiscal 1998.
Federal receipts rose every year, from $1.15 trillion in fiscal 1993 to $2.03 trillion in fiscal 2000, and the deficit shrank every year from $255.1 billion in fiscal 1993 to a $69.3 billion surplus in fiscal 1998 (OMB data via FRED, series FYFR and FYFSD).
Prediction vs. outcome · Economy
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The claim
- Date
- Where
- House floor debate on the conference report for the Omnibus Budget Reconciliation Act of 1993 (Congressional Record, vol. 139, p. 19469).