Quote:
Originally Posted by aceventura3
If government spending remained constant given the Bush tax plan we would be running a surplus. Look at tax dollars collected and government spending back to about 2003. But even if you do factor in the added spending under Bush, as a percentage of our national income the deficits would be below historical averages. The spending during the last two years has been unbelievable. Also, note that the Tea Party movement started closely aligned with the bailouts.
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Ace, we ran a surplus in each of Clinton's last for years....before the Bush tax cuts.
In fact, individual income taxes as percent of GDP was the highest in recent history in 2000 (10.2 percent) and declined with the onset of the Bush tax cuts to 8.1 percent in '02, 7.2 percent in '03 and 6.9 percent in 04, only to rise marginally in the last Bush years., but nowhere near that 10.2 percent before he took office.
Total income tax revenue decreased in each of the years following the Bush 01 and 03 tax cuts. It took until '06 to get back to the level of revenue from Clinton's last year.
See OMB:
Historical Tables | The White House
see tables 2.1 and 2.3
As to deficit spenders, the two worst spenders were Reagan and GW Bush.
National debt by U.S. presidential terms - Wikipedia, the free encyclopedia