Something bizarre happened this weekend, the Washington Post published a story about the Federal Deficit that was accurate. As you can guess, Robert Samuelson was not involved.
…routine increases in defense and domestic spending account for only about 15 percent of the financial deterioration, according to a new analysis of CBO data.
The biggest culprit, by far, has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts. Together, the economy and the tax bills enacted under former president George W. Bush, and to a lesser extent by President Obama, wiped out $6.3 trillion in anticipated revenue. That’s nearly half of the $12.7 trillion swing from projected surpluses to real debt.
And God forbid we ever allow the rich to pay higher taxes again.