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Politics : PRESIDENT GEORGE W. BUSH
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To: Neocon who wrote (587018)7/1/2004 8:23:44 PM
From: Steve Dietrich  Read Replies (1) of 769670
 
Your supporting data contradicts your contention. The budget was balanced by increased revenue, not decreased spending.

cato.org

Now for the bad news for GOP partisans. The federal budget has not been balanced by any Republican spending reductions. Uncle Sam now spends $150 billion more than in 1995. Over the past 10 years, the defense budget, adjusted for inflation, has been cut $100 billion, but domestic spending has risen by $300 billion.

We have a balanced budget today that is mostly a result of 1) an exceptionally strong economy that is creating gobs of new tax revenues and 2) a shrinking military budget. Social spending is still soaring and now costs more than $1 trillion. Is this the kind of balanced budget that fiscal conservatives want? A budget with no deficit, but that funds the biggest government ever?

The Fact is Clinton and Bush 1 deserve the credit for raising taxes which allowed the government to take in sufficient revenue to balance the budget during the 90's expansion.

During the 80's we had an expansion with huge expanding deficits. In the 90's we had an expansion with shrinking deficits and even surpluses. Now we're back to losing money hand over fist in an expansion.

This is directly related to revenue, and tax policy. Your own CATO document demonstrates that very fact.

Steve Dietrich
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