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Politics : Foreign Affairs Discussion Group

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To: Neocon who wrote (140750)	7/17/2004 4:47:41 PM
From: Noel de Leon	Read Replies (1) of 281500

More relevant is what Reagan, Bush I, and Bush II have done. A source which shows the problem in a form you prefer. www.econ.ucdavis.edu/faculty/ bergin/ECON101/mankiwch15.pdf More important is your use of statistics to prove "Clearly, debt is within historically manageable proportions." You use WWII to prove your case which is statistically dishonest. Reagan and Bush I and Bush II were and are not in a WWII situation. "The current national debt is equal to about 55 percent of GDP." Which is double that of the national debt when Reagan took over. 25% in 1980, 49% in 1993 due to Reagan tax cuts, increase in defense spending(wow, and Osama got some of it), and entitlements. Debt ratio fell to 32% thanks to boom, increased taxes, and rapid growth. This is called fiscal responsibility. Deficit returned thanks to tax cuts and slowdown. This is called fiscal irresponsibility. I repeat: you are dishonest when you claim that a 55% debt ratio is "...is within historically manageable proportions." The result today(thanks to Bush II and Greenspan) is a triple threat. 1) GDP ratio at historically high peace time levels. 2) Historically high consumer debt 3) Historically high current accounts deficit.

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