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Study: "Debt Problem Began Four Decades Ago"

OBAMA-DRAMA Wrote: Jan 22, 2013 11:59 AM
MO TAXES... MO TAXES... AND MOOOOO TAXXXXXES ... screech liberals from rooftops while masquerading as "progressives" as they claim being supposed 'helpers' for the disadvantaged, poor, maligned, dysfunctional and the uber ignorant to whom they pander in order to garner their vote while appeasing their every whim. America's corporations are the world's highest taxed and have been ever since the time of Clinton. So too are America's "richies"... comprising billionaires and millionaires since the time of Clinton with but a brief respite during the GW Bush years. However, even if Clinton tax rates on the "richies" remained the same since his time... America's current day National Debt would be barely one trillion dollars less (and another...
OBAMA-DRAMA Wrote: Jan 22, 2013 12:05 PM
... two trillion dollars less had the two present wars not occurred)... resulting in a National Debt today of 13 Trillion dollars rather than 16 Trillion.

Feeling relieved yet? There's more...

Clinton had two major tax increases during his first term and was fortunate during his second not to have two additional ones due to elevated tax revenues derived from the scandalous IPO fraud cheerily pursued and championed by all that was ongoing from 1996 - 2000.

Today... Clinton admits that during his 8 year "reign of error" that in none did he have a balanced budget nor upon his departure from office any "surplus" (supposedly squandered by GW Bush on prescription drug benefits for seniors... costing since then but 65 Billion dollars/year).
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...
Related Tags: Debt Deficit budget deficit