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Politics : View from the Center and Left
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To: Lane3 who wrote (59995)4/19/2008 12:02:19 PM
From: KyrosL  Read Replies (2) of 542888
 
When did we ever increase taxes to meet more than current expenses. Just one example, please.

Clinton's tax increase in 1993 directly resulted in a steady decrease of national debt as a percent of GDP, and, in his final fiscal year, almost completely wiped out the budget deficit (measured honestly without including the SS surpluses). In fact, if Bush had not cut taxes, it was estimated that within 10 years the entire national debt would have been paid off. Greenspan was worried that there would be no Treasury bonds to set risk free interest rates.
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