Last month, the CBO released a little-noted document, which I first encountered via Bruce Bartlett, breaking down the debt this country has accumulated since 2001. The grand total of debt is $11.8 trillion. Of that, more than half, or $6.2 trillion, was added because of lost revenue, while $5.6 trillion was added because of spending. Now you may look at those numbers and say, well, spending is almost half. And yes, it is. But what’s interesting in this chart is that the lost revenue figure matches exactly the actual current deficit.For those who reside in the world of fact, it’s beyond question that the decrease in tax revenue because of the Bush tax cuts and the economic meltdown that resulted from conservative deregulatory policies has done more than spending to create the crisis. Unfortunately, we don’t live in a world of fact. We live, instead, in a world of right-wing ideological lunacy. And so we get things like Tim Pawlenty’s jaw-dropping economic plan, which ignores completely our revenue reality.
Here is a link to the "little noted document":
In the liberal world, you willfully declare the sub-prime meltdown to be a "Republican problem due to de-regulation", completely ignoring the fact that the whole creation of the sub-prime market was a Democrat program to give folks without good enough credit a "deal" on homes. That is exactly like creating crack cocaine and blaming lack of drug laws / enforcement for there being problems caused by it. Was sub-prime abused? Helllllooo ... what else would you expect!!! Government programs are ALWAYS abused, they create a false and unsustainable reality, just like cocaine ... that is why a smaller government is MUCH safer!!
Then you make up numbers:
- The hated "Bush tax cuts" were supposedly responsible for $1,186 of the $6,220 ... you do all you can to make it sound like those were the culprit, they were 1/6th of the problem
- "Tax Act of 2010" $354 Billion, ... Democrats in control of all 3 branches ... 1/4 the size of those horrid tax cuts. Bush??? Hate to say it, he left office in Jan '09!!
- ARRA = TARP ... 2009, $253 Billion, BO, 60 votes in Senate, big house majority. Bush? I don't think so.
- Note 2007, last year of Republicans in control of house/senate. Total deficit $161 Billion. One of the best kept secrets in the American media!
- Total deficits 2008-2011 after Democrats took over House / Senate followed by WH in 2009 $4,565
There you have it. Your own party is hugely ('08) and TOTALLY ('09 -'11) responsible for the numbers (unless of course you want to give Bush / Republicans credit for the surplus in 2001, they did have both houses from '94-2006), but who is it that is a "lunatic and a liar"??? The folks responsible for $1,635 B out of $6,200 B ... SIMPLE!!!!
Does anyone really need any more to understand why this country is over the cliff and falling like a rock??? Vast sections of the media and electorate have a willful disregard of fact.