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Study: "Debt Problem Began Four Decades Ago"

OBAMA-DRAMA Wrote: Jan 22, 2013 1:37 PM
Becca... it is recorded fact that Johnson repeatedly used the N word when discussing "Great Society Programs" with his advisers during the time Jesse Jackson and MLK in combination with others were goading him to implement such. Up to that time neither democrats nor Republicans sought the black vote. All that changed once these "society programs' were implemented.
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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