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Study: "Debt Problem Began Four Decades Ago"

mr_sparky Wrote: Jan 22, 2013 7:17 AM
i blame i all on H.Hoover and FDR. they wanted more Fed Gov involved in the economy and they got it and this is just the seeds of what they planted coming to fruitition . going to be a long slide down now as the Fed Gov drags us all into bankruptucy.
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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