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Politics : Formerly About Advanced Micro Devices

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To: RetiredNow who wrote (1064432)4/9/2018 3:52:57 PM
From: zzpat  Read Replies (2) of 1577191
 
Did you read the editorial Yellen wrote for the Post yesterday? She hits the gop hard on tax cuts. I'll post the entire article in a few minutes.

Here's a small sample.

The deficit, of course, reflects the gap between spending and revenue. It is dishonest to single out entitlements for blame. The federal budget was in surplus from 1998 through 2001, but large tax cuts and unfunded wars have been huge contributors to our current deficit problem. The primary reason the deficit in coming years will now be higher than had been expected is the reduction in tax revenue from last year’s tax cuts, not an increase in spending. This year, revenue is expected to fall below 17 percent of gross domestic product — the lowest it has been in the past 50 years with the exception of the aftermath of the past two recessions.
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