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Study: "Debt Problem Began Four Decades Ago"

DanB_Tiffin Wrote: Jan 22, 2013 5:19 PM
There were old warning commercials about our national spending years ago. Google: wr grace deficit trials.mp4 and this one: WR_Grace_National_Debt_1985.flv The lame stream media, even back then, refused to run them.
A new report from the Federal Reserve Bank of St. Louis reminds Americans that, contrary to the narrative that huge deficits and debt are merely a recent product of the Great Recession, the problem began over forty years ago.

Daniel Thornton, the St. Louis Fed's Vice President and economic adviser, finds what conservatives have been saying all along is true: it's steadily increasing government spending, not a lack of tax revenues, that's causing all of this.

[A]fter 1970, both revenues and expenditures increased on average relative to the previous two decades; however, revenue increased marginally while...
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