Saturday, June 13, 2009
"Beware Taxes Vs. Spending Compromise"
I think this point is well-made.
Americans will be so relieved when this economic crises ends that they will be very vulnerable to "compromises".
This article reports the deficit has increased 10% since 2007.
If you do the math, that's about a TEN-FOLD increase in just two years!...
Americans will be so relieved when this economic crises ends that they will be very vulnerable to "compromises".
This article reports the deficit has increased 10% since 2007.
If you do the math, that's about a TEN-FOLD increase in just two years!...
This Investors Business Daily opinion column warns:
"Conservatives be forewarned: The most dangerous prospect is not straightforward tax hikes, but split-the-difference compromises promising spending cuts for tax increases.
The recession has hit the federal budget harder than it hit the economy. With only three consecutive quarters of negative economic growth so far, federal revenues have plunged and spending has soared.
As the table shows, since 2007, the fiscal year before the recession, the federal deficit has increased over 10 percentage points of GDP — from 2007's 1.2% to 2009's 11.9% today."