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Study: "Debt Problem Began Four Decades Ago"

oldervoter68 Wrote: Jan 22, 2013 9:33 AM

In a way, it has (indirectly), because it resulted in a pool of money that the government could raid, trading IOUs for $ to fund other government programs. That being said, SS is coming to a point in its life cycle where outgo will exceed income and thus will be a drain on the Treasury (assuming Congress and the Executive continue to sit on their hands rather than find a solution).

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southern tom Wrote: Jan 22, 2013 9:45 AM

...RETURN SS to it's original mandate, a safety net for the elderly, and it would once again be solvent... DROP everyone presently receiving a check who ISN'T of retirement age and or ISN'T an American citizen.

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Study: "Debt Problem Began Four Decades Ago"

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