In all the talk about the deficit and Social Security one rarely hears of the heroic role that Social Security plays in masking a $170 billion in budget shortfalls.

Yesterday, we listened to President Bush mislead Americans about the role the 2003 tax cuts played in the economic growth we've seen since 2003. Mr. Bush was not the only administration member misleading Americans. The Wall Street Journal blog, Washington Wire, caught this exchange bewtween Treasury Secretary John Snow Representative Barney Frank (D-MA) during testimony to the House Financial Services Committee on the International Financial System and the Global Economy.

Today, President Bush signed the $70 billion Deficit Growth Package (aka Tax Relief Extension Reconciliation Act of 2005) into law. And as he places more debt on the shoulders of our children and grandchildren, he continues to mislead the American people by claiming that the 2003 tax cuts are the cause of the growing economy. One of the most important decisions we made was to cut the taxes on dividends and capital gains. These cuts were designed to lower the cost of capital and to encourage businesses to expand and hire new workers. And these tax cuts are doing exactly what we expected.

A new report, "Changing Patterns in the Relative Economic Performance of Immigrants to Great Britain and the United States, 1980-2000," finds that the gap in earnings between U.S. born and immigrant workers increased significantly between 1980 and 2000. The paper uses data from the 1980, 1990, and 2000 Censuses to look at changes in the pace of the economic assimilation of immigrants. The executive summary states that the evidence suggested "that immigrants lagged farther behind US-born workers in 2000, than they had in the 1990 and 1980."