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Study: "Debt Problem Began Four Decades Ago"

Kyll-Why-T Wrote: Jan 22, 2013 9:30 AM
Yeah, it's genius alright. It starts off with Levin ripping Marbury v. Madison because that was the decision that essentially gave the court it's power to declare laws unconstitutional and then goes on to bash the court for not declaring other laws unconstitutional (McCain Feingold for instance). In other words his opinion of the court has nothing to do with constitutionality or the framer's intent, but everything to do with whether or not they decide the way he thinks they should. Hypocrisy, selective memory, and having/eating cake anyone?
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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