Quote:
Originally posted by james t kirk
UMM, then you are in big trouble because annual deficits get put into the "debt"
And right now, the US debt is staggering. About $125,000 for ever single household in the USA.
Clinton was running surpluses. Bush and company changed all that by giving out large tax cuts to the richest and least deserving indivduals.
If there was any money "collecting dust", common sense would dictate that it be used to pay off the national "debt"
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Four years of surpluses at the end of a decade with the greatest performing economy in the history of the world is not exactly a stellar performance.
US debt as a percent of GDP is comparable to other developed nations' debt and we have far better prospects for the future than most of them.
Common sense with regard to money lying around would be to invest it rather than retire national debt since the interest rates paid by the government are less than what investments typically earn.
**edit** Oh and the "tax cut to the wealthy" spiel is getting old. On one hand Bush critics claim that the tax cuts only went to the wealthy while on the other, to explain economic growth, they claim it's due to tax cuts. You can't have it both ways as the increase in spending from the "wealthy" could never have such a dramatic impact on GDP.