Another Commenter to Krugmans “Prophecy of Doom” wrote "We
got into this situation because of Bush's tax cuts, two wars unpaid for, and
the Great Recession that clobbered revenue and imposed costs for jobless
benefits, etc".
The roots of the Great Recession, because it was based on the housing industry and government/market excesses goes back a several decades. So I'm going to set a premise you may or may not agree with; the Great Recession was inevitable plus or minus a couple of years.
That being said adding up all the Bush Administration tax cuts, wars and Medicare Prescription Drug Benefit (something the left would have made even more generous) comes to a cool $2.9T. Serious money so our deficit would now be $13T instead of $16T (including intra-governmental loans)
Question: Would we not still have a serious problem??
The roots of the Great Recession, because it was based on the housing industry and government/market excesses goes back a several decades. So I'm going to set a premise you may or may not agree with; the Great Recession was inevitable plus or minus a couple of years.
That being said adding up all the Bush Administration tax cuts, wars and Medicare Prescription Drug Benefit (something the left would have made even more generous) comes to a cool $2.9T. Serious money so our deficit would now be $13T instead of $16T (including intra-governmental loans)
Question: Would we not still have a serious problem??
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