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Study: "Debt Problem Began Four Decades Ago"

RJBJr Wrote: Jan 22, 2013 7:36 AM
Don't forget the other term in the equation. Four decades ago world manufacturing began to compete with US factories. We began a long conversion from a manufacturing nation to a service nation. Our wealth began to be off shored to Germany, Japan, China,.... Now, Obama is destroying our oil and coal industries and soon will be after the Frackers. With the loss of the wealth producing industries we can not afford the goodies the political class has been handing out.
Marc_H Wrote: Jan 22, 2013 7:40 AM
and the reason companies left the US is.....

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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