Off-Topic: No, You Make No Sense
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Name:
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MartiniMan
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Subject:
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No, You Make No Sense
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Date:
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3/8/2010 8:11:50 AM
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GF, you act as if the debt is only a one sided equation, the revenue side. You see, like your budget at home you have income (in the government's case tax revenue) and expenses (government spending). Most logical, thinking people reduce expenditures when income goes down. Foolish or irrational people borrow money and go deep into debt. The government either borrows money increasing the debt or prints money, risking hyperinflation.
So I don't care what CBO says is the chief cause of the deficit, it is caused by too much government spending. Blaming the magnitude of the deficits on the Bush tax cuts actually makes little sense to me anyway. Under Bush's presidency, the average deficit was $166 billion per year. Under Obama's it is $1.6 trillion per year. What changed was spending....porkulus, extending unemployment benefits, etc. You can argue whether these were necessary or useful but the fact is they caused the explosion in the deficit, not Bush's tax cuts. It is sad the level of economic literacy in the country.
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