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**gopsbousperie** · 07-26-2011, 11:04 PM

Really? The Bush tax cuts played a limited role in our current mess? I beg to differ.

Running in the red: How the U.S., on the road to surplus, detoured to massive debt - The Washington Post

The primary culprit is not the two wars that we are waging (although they certainly contribute) but rather the erosion of our tax base.

Polls show that a large majority of Americans blame wasteful or unnecessary federal programs for the nation’s budget problems. But routine increases in defense and domestic spending account for only about 15 percent of the financial deterioration, according to a new analysis of CBO data.

The biggest culprit, by far, has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts. Together, the economy and the tax bills enacted under former president George W. Bush, and to a lesser extent by President Obama, wiped out $6.3 trillion in anticipated revenue. That’s nearly half of the $12.7 trillion swing from projected surpluses to real debt. Federal tax collections now stand at their lowest level as a percentage of the economy in 60 years.

07-26-2011, 11:04 PM	#29
gopsbousperie Join Date Oct 2005 Posts 431 Senior Member	Really? The Bush tax cuts played a limited role in our current mess? I beg to differ. Running in the red: How the U.S., on the road to surplus, detoured to massive debt - The Washington Post The primary culprit is not the two wars that we are waging (although they certainly contribute) but rather the erosion of our tax base. Polls show that a large majority of Americans blame wasteful or unnecessary federal programs for the nation’s budget problems. But routine increases in defense and domestic spending account for only about 15 percent of the financial deterioration, according to a new analysis of CBO data. The biggest culprit, by far, has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts. Together, the economy and the tax bills enacted under former president George W. Bush, and to a lesser extent by President Obama, wiped out $6.3 trillion in anticipated revenue. That’s nearly half of the $12.7 trillion swing from projected surpluses to real debt. Federal tax collections now stand at their lowest level as a percentage of the economy in 60 years.
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