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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: sandeep who wrote (81499)3/16/2001 12:57:38 PM
From: Les H  Read Replies (1) of 436258
 
you had much faster spending under Carter's four years

concordcoalition.org

appears to be about a 70% increase in outlays. the debt surged since:

(a) Congress was unwilling to make the cuts Reagan proposed and the slower budget growth continued from the higher Carter baseline
(b) unemployment surged to 11% to squeeze out the high inflation and cut into SS/Medicare tax receipts
(c) Reagan budgets had to incur the high interest costs of 14-15% from 1981-1983 and which gradually worked down from there over the rest of the decade

all in all, legacy of Carter-Democrat budgets are reflected in the budget deficits. they also enacted some of the wildly big single-year SS benefit increases of 15-20 percent in the 70s and greatly increased the beneficiary classes in the SS/Medicare/Medicaid programs, which were later paid for by Reagan/Bush proposals for FICA tax increases. The Democrats giveth and the Republicans payeth.
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