We cannot fix the problem unless we are all honest about the math. The solution is simple when you look at the mess. Cut military and entailments and raise tax revenues by 4 %. I would rather see this done by a lower flat tax and eliminate write offs ….. CM: Bruce Bartlett is former Deputy Assistant Treasury Secretary under the first George Bush and a policy adviser to Ronald Reagan. Bottom line, let’s look at the numbers right now. We’ve got a chart coming up. This shows the Bush tax cuts were responsible for increasing the debts. Now, we have about a $14 trillion debt right now, half came out since the turn of the century, and more than 40% of that has been from tax cuts. BB: That’s right. When Bush took office, we had a debt of about

We cannot fix the problem unless we are all honest about the math. The solution is simple when you look at the mess. Cut military and entailments and raise tax revenues by 4 %. I would rather see this done by a lower flat tax and eliminate write offs ….. CM: Bruce Bartlett is former Deputy Assistant Treasury Secretary under the first George Bush and a policy adviser to Ronald Reagan. Bottom line, let’s look at the numbers right now. We’ve got a chart coming up. This shows the Bush tax cuts were responsible for increasing the debts. Now, we have about a $14 trillion debt right now, half came out since the turn of the century, and more than 40% of that has been from tax cuts. BB: That’s right. When Bush took office, we had a debt of about

A domestic policy adviser to President Ronald Reagan and treasury official under President George H.W. Bush explains that 100% of Obama’s deficits are due to lower revenues (i.e. the Bush depression), not spending increases.

Bruce Bartlett: …Now let’s fast forward to the end of fiscal year 2009, which ended on September 30. According to CBO, it ended with spending at $3,515 billion and revenues of $2,106 billion for a deficit of $1,409 billion. To recap, the deficit came in $223 billion higher than projected, but spending was $28 billion and revenues were $251 billion less than expected.