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Study: "Debt Problem Began Four Decades Ago"

DSMike Wrote: Jan 22, 2013 9:35 AM
extreme then you can get the lemmings to not pay attention to them. How do we combat this policy of the politics of personal destruction? How do we get the masses to look at logic? These are the great questions that need to be examined in the next few years.
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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