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Reply to "How To Balance The Budget Without Raising Taxes"

quote:
Originally posted by JuanHunt:
FWIW, the national debt is around $13.8trillion and the 2009 GDP is about 14.8trillion, which puts the debt to GDP ratio closer to 90%. What an I missing?


I don't know, here's a LINK TO THE REPORT

quote:
Originally posted by JuanHunt:
I think history will repeat what we saw in 2000: the US had close to a balanced budget, and the opportunity to pay down the debt was near, but the tax rates and subsequent revenues were cut to appease the Repubs, and the rest is history. It will not be sufficient to just balance the budget, there has to be some progress in paying down the national debt.


Yes we need to pay down the debt...but the point of the article and my post wasn't about Dems or Repubs...

It's an absolute distortion of reality and history to say "if we just would do what the democrats want" all would be rosy...which you always seem to imply.

That's why I included the chart...the Bush tax cuts or any tax cuts or tax increases havenn't caused anything...historically, no matter the rate, government revenues hit about 18% GDP.

But for arguments sake, if you look at the chart, it is clear where 2 of the high points of tax revenue are located.

That's the reality the federal government and their future budgets need to reflect...revenues will not be more than 18% GDP.

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