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Study: "Debt Problem Began Four Decades Ago"

You, comrade, are truly delusional. The Democrat party has had control since 2006, and has been out of control, with psychos like Pelosi and Reed, ever since. Your president Obama has racked up more debt than ALL other presidents combined... IN 4 YEARS!!! Now we are looking at another 4 years to double down on his policies to bankrupt the US, drive the US citizens into poverty, and for his One World Order. You and your party are insane!! You are the people who have destroyed our children's futures!!! And, I'm sure, eventhough it has been 6 years since Republicans really controlled the purse strings, you and your socialist Democrats will continue to blame Bush for your dirty, filthy deeds against our nation. Fini
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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