Rising Hegemon
...routine increases in defense and domestic spending account for only about 15 percent of the financial deterioration, according to a new analysis of CBO data.
The biggest culprit, by far, has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts. Together, the economy and the tax bills enacted under former president George W. Bush, and to a lesser extent by President Obama, wiped out $6.3 trillion in anticipated revenue. That’s nearly half of the $12.7 trillion swing from projected surpluses to real debt.
And God forbid we ever allow the rich to pay higher taxes again.
1 comment:
humans CANNOT HELP themselves. greed runs deep. i was reading n my 1891 encyclopedia brit last night on france after henry IV and they were locked in a reaganesque low taxes for the rich. only the lower classes paid taxes and the nobles + the clergy banded together to keep that privilege. this never ends. once in a while we get a revolution or an FDR.
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