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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (471343)4/13/2009 4:29:47 PM
From: TimF  Read Replies (1) of 1576526
 
The 1970s was a period of stagflation. If it led to lower revenues in the 1980s, then it was not a smart move to cut taxes.

The health of the economy is more important than the level of government revenues. The tight money needed to reign in inflationary pressure and expectations, was important, and then to help the economy recover tax cuts where a very good idea, esp. since the tax cuts where from top tax rates of 70%. Do you really think 70% tax rates are almost ever a good idea, so that cutting them isn't a smart move?

Along with cutting the rates many loopholes and targeted deductions and credits where eliminated. All of this reduced the complexity of the tax code, the cost to comply with it, and the distortions caused by it. Unfortunately it was still plenty complex, and the reduction in complexity was reversed by later breaks and loopholes being added.

Uh.....the fact that we spend more on Defense than all the other nations of the world had nothing to do with it, did it? I thought so.

We don't really spend more on defense than all other nations on the earth. We didn't even come close to doing so at the time.

In any case I didn't say that increases in defense spending had nothing to do with the increase in total spending and thus deficits. I only made the accurate observation that the majority of additional spending went toward social programs. "A minority" isn't "nothing".
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