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Pew Charitable Trust blames War on Terror and Tax cuts for deficit.

Posted on 03/08/2012 7:20:02 PM PST by tsomer

"The U.S. will likely owe $10.4 trillion this year, its largest debt relative to the economy since 1950. However, the Congressional Budget Office (CBO) projected in 2001 that the federal government would erase its debt in 2006 and be $2.3 trillion in the black by 2011 – a $12.7 trillion difference from today’s reality.

This fact sheet highlights the extent to which major legislation enacted over the last decade and other factors have contributed to the Great Debt Shift - the difference between CBO's 2001 projections and actual debt today. The methodology and data can be found in these links: methodology and data."


TOPICS: Business/Economy; Editorial; Government; Politics/Elections
KEYWORDS:
The link is to the PDF file.

A liberal respondent to a 'bam story in the NY Daily cited this to support his/her/its contention that the Republican Tax Cuts and the Wars in Iraq and Afghanistan were the major contributors to the deficit.

PEW needs debunking but it's beyond my analytic abilities. I wondered if some fellow Freepers could help me sort it out.

Thanks.

1 posted on 03/08/2012 7:20:09 PM PST by tsomer
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To: tsomer

just knew it was all bush’s fault...just knew it...gotta give poor old nobama a second and a third and a fourth chance ya know...gotta give the boy a chance


2 posted on 03/08/2012 7:34:19 PM PST by ldish (Looking forward to Independence Day)
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To: tsomer

Look at the change in the annual deficit as a function of the point at which Pelosi and Reid tookover Congress - it completely goes to hell one year after the 2006 elections (as I recall) once the Democrat budget (read: insane spending spree) goes into effect, and stays that way as Obama is sworn in.

And the reason it hasn’t gone down once the GOP took the house is because no new budget can be passed - the Pelosi/Reid/Obama “drunken sailor” budget has essentially remained on autopilot since about 2007.

Blaming the tax cuts is a load of manure - as I’ve pointed out numerous times in the past, if you DOUBLED EVERYONE’s income tax rate, you’d only raise (on static analysis) an additional trillion or so dollars - not hardly enough to cover the Bamster’s consistent 1.3 to 1.4 trillion dollar deficits. And in raising those taxes, you’d totally (instead of mostly) kill the economy.


3 posted on 03/08/2012 7:40:36 PM PST by Stosh
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To: tsomer

P(h)ew


4 posted on 03/08/2012 7:57:17 PM PST by Huskrrrr
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To: tsomer

I blame a crook from Chicago who launders billions of our tax dollars to his cronies, and they turn around and give him a cut for his “campaign fund.”


5 posted on 03/08/2012 8:01:01 PM PST by txrefugee
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To: Stosh
Look at the change in the annual deficit as a function of the point at which Pelosi and Reid tookover Congress - it completely goes to hell one year after the 2006 elections...

Yes, that's readily apparent. Thanks.

Blaming the tax cuts is a load of manure...

It seems to me they're playing games with the tax cuts. How do they argue that the tax cuts passed in '01-'03 get progressively larger as a share of the GDP? Have the tax cuts gotten bigger, or has the GDP gotten smaller? I'm off to Google.

6 posted on 03/08/2012 8:15:13 PM PST by tsomer
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To: tsomer

These people are retards. This is nothing but lies for political reasons.


7 posted on 03/08/2012 8:29:38 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: tsomer

The largest amount of annual revenue taken in by the USFG was 2.56 trillion dollars in 2007. 2008 was almost as high. That was 1 trillion more than the USFG took in just 10 years previously. The tax cuts boosted revenue just like they always do. Spending got out of control with Obama.


8 posted on 03/08/2012 8:31:48 PM PST by lonestar67 (I remember when unemployment was 4.7 percent)
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To: tsomer
Interesting chart from wiki:

Note GDP and Fed. outlays for '09

9 posted on 03/08/2012 8:32:27 PM PST by tsomer
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To: tsomer

10 posted on 03/08/2012 8:32:30 PM PST by MestaMachine (obama kills)
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To: tsomer

There is one and only one reason for the deficits. The Government spends more money then it has. PERIOD. Doesn’t matter what for or by who. Its the Government
We have a Federal Department of Education? WHY? No one else in the Country knows how to educate children? We need several thousand Goverment employees to figure it out? The Federal Government has grown way past the intent of the founders of this Nation and what they established as our system of Government.


11 posted on 03/08/2012 9:35:42 PM PST by SECURE AMERICA (Where can I sign up for the New American Revolution and the Crusades 2012?)
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