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Study: "Debt Problem Began Four Decades Ago"

semihardrock Wrote: Jan 21, 2013 11:02 PM
And since, just like the Octopus tentacles ....The US Dollar has spread across the ENTIRE Earth.....17 Trillion and counting!
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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