When John F. Kennedy cut tax rates during the 1960s, tax revenues went up. The whole point was -- and is -- to encourage more economic activity, and more activity generates more tax revenues, even at lower rates. The same thing happened back in the 1920s.

Why then were there federal deficits during the Reagan administration? Because Congress spent even more money than the rising tax revenues brought in. There is no amount of money that Congress cannot outspend.

Although these were christened "the Reagan deficits," all spending bills originate in the House of Representatives -- and Ronald Reagan was never a member of the House of Representatives. Indeed, the Republicans never controlled the House of Representatives during either of the Reagan administrations.

Only after the Republicans gained control of the House in 1994 were there budget surpluses -- for which Bill Clinton took credit, even though he too had never been a member of Congress.

It is fascinating to see Congressional Democrats, who have for decades been spending the country into growing deficits, suddenly expressing shock at the current deficits that have occurred while George W. Bush was in the White House -- and the country was at war.

How serious are these deficits? As with all debts, the burden depends on what your income is. As a percentage of national income, today's deficits and national debt are far below what they were when Democrats were doing the spending.