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To: Charles Tutt who wrote (42455)	3/28/2001 1:41:28 AM
From: Peter O'Brien	Respond to of 64865

>Quite a bit of those tax receipts are still going to service Reagan's debt. As I have already pointed out in an earlier post, Reagan's debt (53% of GDP) was nothing compared to Roosevelt's debt (122% of GDP). Quite a bit of the tax receipts in the 1950's and 1960's went to pay down Roosevelt's debt too, yet the taxation levels (as a % of GDP) in the 1950's and 1960's were not as high as they are today. >Deficit spending is like taxing the future. Indeed it is. Buying a house with a mortgage is a tax on your future income stream. Likewise, running up your credit cards to blow it all at Las Vegas is also a tax on your future income stream. These are both examples of "deficit spending". Do you view them both equally?