“Debt is the total owed from past and present borrowing; deficit is this year’s borrowing. The national debt was smallest (as compared to GDP) than it had been in fifty years when Reagan was elected in 1980.” Reagan rode into office swearing to decrease the debt, but he was duped by political “economists” into believing that the government “would collect more money by reducing taxes”. “Cutting taxes to raise money was crazy , but it was the deception to cut taxes for the richest and then use the deficits to force cuts in services for the middle class and the poor” that was truly despicable! (And Republicans still subscribe to this policy.) This economic theory was called supply-side economics, but George H.W. Bush called it Voodoo. Trickle down economics “is outrageously dishonest!” George W. Bush reinstated it after Clinton left office with a surplus! “Republicans only complain about deficits when Democrats are in office.” Dick Cheney said, “Reagan proved that deficits don’t matter”. Those who report that the U.S. has added trillions of dollars in debt since President Obama took office is misleading; the interest on the debt keeps increasing. “What would have happened if Reagan and the Bushes had balanced their own budgets” before leaving office? Our national debt would be a fraction of what it is now!
Oct 30 2015
Which political party is best suited for addressing economic issues?
“Debt is the total owed from past and present borrowing; deficit is this year’s borrowing. The national debt was smallest (as compared to GDP) than it had been in fifty years when Reagan was elected in 1980.” Reagan rode into office swearing to decrease the debt, but he was duped by political “economists” into believing that the government “would collect more money by reducing taxes”. “Cutting taxes to raise money was crazy , but it was the deception to cut taxes for the richest and then use the deficits to force cuts in services for the middle class and the poor” that was truly despicable! (And Republicans still subscribe to this policy.) This economic theory was called supply-side economics, but George H.W. Bush called it Voodoo. Trickle down economics “is outrageously dishonest!” George W. Bush reinstated it after Clinton left office with a surplus! “Republicans only complain about deficits when Democrats are in office.” Dick Cheney said, “Reagan proved that deficits don’t matter”. Those who report that the U.S. has added trillions of dollars in debt since President Obama took office is misleading; the interest on the debt keeps increasing. “What would have happened if Reagan and the Bushes had balanced their own budgets” before leaving office? Our national debt would be a fraction of what it is now!
By spiritspeak • Community Roundtable 0