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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Howard C. who wrote (34449)11/7/2000 10:38:25 AM
From: Les H  Read Replies (1) of 436258
 
You also have a habit of changing topics. I listed a number of outside consultants who were brought in to rescue the administration. Several were Republican.

The deficits were caused by overspending on entitlements and on defense. Entitlement spending is by far the largest part of the budget. If you go back and research, you'll find Reagan and the Democrats passed a large SS tax increase in the early 80s. The other major negative was the hangover from the high interest rates left from the 70s. You had CDs paying 18% in 1981-1982. The federal government was paying extremely high yields on long-term debt to fund operations. Reagan had little to do with that. Inflation was around 20% when he took office. That problem goes back to the Arab Oil Embargo, Nixon, Ford, and Carter.
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