The idea that Bush inherited a surplus which would eliminate the debt in 20 years is wrong on three counts. First it is based on there being no intervening recessions, and this nation in its history has never gone twenty years without at least two recessions.
Second, revenue was high due to a high tech stock bubble which was as bogus as the housing bubble which burst in 2008.
Third, and more importantly, it is based on combined revenue streams of revenue and Social Security, which concealed that it was not a surplus at all. Here is a list of the federal debt by year, and note that debt does not increase when revenue is in a surplus state.
And somehow, Ted, or the blogger you nicked the copy from, never got around to mentioning how much your country owes! How many trillion was it? Gosh, your grandchildren are just going to love you when they find out how much they have to pay back.
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The idea that Bush inherited a surplus which would eliminate the debt in 20 years is wrong on three counts. First it is based on there being no intervening recessions, and this nation in its history has never gone twenty years without at least two recessions.
ReplyDeleteSecond, revenue was high due to a high tech stock bubble which was as bogus as the housing bubble which burst in 2008.
Third, and more importantly, it is based on combined revenue streams of revenue and Social Security, which concealed that it was not a surplus at all. Here is a list of the federal debt by year, and note that debt does not increase when revenue is in a surplus state.
1997, $6,590 trillion
1998, $6,761 trillion
1999, $6,974 trillion
2000, $7,080 trillion
2001, $7,320 trillion
2002, $7,879 trillion
And somehow, Ted, or the blogger you nicked the copy from, never got around to mentioning how much your country owes! How many trillion was it? Gosh, your grandchildren are just going to love you when they find out how much they have to pay back.
ReplyDeleteAnd letting Romney/Ryan balloon the debt even further with new tax cuts for the rich is going to make things better?
ReplyDeleteEnjoyed my first visit. Thoughtful
ReplyDeleteNoted your interest in cartoons...
ReplyDeletePl. visit my cartoon blog. Thanks