The era of massive debt that happened before the boomers retired began with Reagan and his tax cuts.
If that's the "era of massive debt" its only compared to what went before. Its nothing compared to the debts entitlement spending promises will cause if the promises will cause without entitlement reform.
The amount of spending that will have to go out to cover the projected costs is much more than the feds have ever been able to sustain no matter what rates they have had on various taxes. Personal income, corporate income, capital gains, etc. zero percent rates, single digits, low double digits, twenty some-odd percent, 30s, 40s, 50s, 70, over 90, it didn't matter, the feds have never been able to keep pulling in that much revenue as a percentage of GDP.
You can blame Regan for running high deficits, you can blame the wars etc. but add all that together and its still not much compared to the future spending from entitlements. |
