Religion poisons everything.
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Another article making the point that Obama ought to be making: the deficit is the result of out-of-control spending and tax-cutting under GW Bush. A few tidbits:
"According to Nutting’s calculations, spending has grown only 1.4 percent per year under Obama – one-fifth the rate under Ronald Reagan and George W. Bush. Following is a chart accompanying the article. [Go to the original article to see the chart]
"...I don’t want to get into the nitty-gritty of whether to allocate all spending in fiscal year 2009 to Bush or Obama. I just want to note that the [incoming] president has very little control over the budget one way or another; the vast bulk of spending is baked in the cake the day he takes office and changes can only be made incrementally and over time.
"This fact is illustrated by looking at CBO’s last spending projection of the Bush administration, which was issued on January 8, 2009 – 2 weeks before Obama took office and containing no Obama initiatives. It shows that spending was projected to rise to 24.9 percent of GDP in 2009 under laws that Obama inherited – almost exactly what it ended up being."
..."Another thing that is clear from the CBO data is that the budget deficit is as much the result of lower taxes as higher spending. Revenues fell from 17.5 percent of GDP in fiscal year 2008 to 14.9 percent in 2009 and 2010, rising to just 15.4 percent in 2011 and 15.8 percent this year. Had revenues stayed at their 2008 level, combined federal deficits would have been $1.3 trillion smaller since 2008.
"And this estimate actually understates the extent to which Bush’s policies devastated the government’s revenue-raising capacity. In the postwar era, federal revenues have averaged 18.5 percent of GDP. They averaged 18.2 percent during Ronald Reagan’s 8 years and 19 percent under Bill Clinton’s 8 years, but 17.6 percent during George W. Bush’s 8 years and just 15.2 percent for Obama’s 4 years thus far.
"_At a minimum, this puts a lie to the ideas that we are overtaxed, that Obama has raised taxes, or that low taxes stimulate growth._" [Italics mine]
Please do read the entire article before commenting! Doing so will hopefully lead to more substantial discussion.
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