Dad2three
Gold Member
- Jun 22, 2014
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How the Deficit Got This Big
In 2001, President George W. Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses ($5+ trillion), assuming continuation of the good economy and President Bill Clinton’s policies.
Bush, tax cuts and war spending were the biggest policy drivers of the swing from projected surpluses to deficits from 2002 to 2009.
http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html
Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits
We already know what economic policies work best for our country. Clinton knew that we had to cut spending and increase revenues. We had revenues of 20% of GDP and 4 straight surpluses (3 after vetoing the GOP's $700+ billion tax cut) .
Then something terrible happened, the Republicans gained complete control in 2001 and instead of sticking with what was working they decided that their ideology was more important. The debt has gone up $12+ trillion since then.
Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits | Center on Budget and Policy Priorities
Do you remember 2001 when we had a budget surplus. Alan Greenspan testified before Congress in favor of the Bush tax cuts,"we are in danger of paying down the debt too fast". How absurd is that statement today! By the way, not a single GOPer voted for the '93 reconciliation act that led to the balanced budget and eventual surplus.
GOING TO 2 UNFUNDED WARS (YOU CUT SPENDING OR INCREASE TAXES!) AS YOU GUT REVENUES FROM 20% OF GDP TO LESS THAN 15% AS YOU RAMP UP SPENDING TO 25% AS DUBYA DID?
Historical Source of Revenue as Share of GDP
The Republicans would not pay down the debt when times were much better. Now they want to focus on deficits and blame Obama for the mess Dubya left US in?
In 2001, President George W. Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses ($5+ trillion), assuming continuation of the good economy and President Bill Clinton’s policies.
Bush, tax cuts and war spending were the biggest policy drivers of the swing from projected surpluses to deficits from 2002 to 2009.
http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html
Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits
We already know what economic policies work best for our country. Clinton knew that we had to cut spending and increase revenues. We had revenues of 20% of GDP and 4 straight surpluses (3 after vetoing the GOP's $700+ billion tax cut) .
Then something terrible happened, the Republicans gained complete control in 2001 and instead of sticking with what was working they decided that their ideology was more important. The debt has gone up $12+ trillion since then.
Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits | Center on Budget and Policy Priorities
Do you remember 2001 when we had a budget surplus. Alan Greenspan testified before Congress in favor of the Bush tax cuts,"we are in danger of paying down the debt too fast". How absurd is that statement today! By the way, not a single GOPer voted for the '93 reconciliation act that led to the balanced budget and eventual surplus.
GOING TO 2 UNFUNDED WARS (YOU CUT SPENDING OR INCREASE TAXES!) AS YOU GUT REVENUES FROM 20% OF GDP TO LESS THAN 15% AS YOU RAMP UP SPENDING TO 25% AS DUBYA DID?
Historical Source of Revenue as Share of GDP
The Republicans would not pay down the debt when times were much better. Now they want to focus on deficits and blame Obama for the mess Dubya left US in?