| Wh1pL4shL1ve_007 said: Tax cuts was what bought USA to deficit. Obama can do whatever the hell he wants to dig USA out. Be it tax rise. |
Uh, no. The bursting of the tech/dot com bubble, which was the main reason why the US had a surplus towards the end of the Clinton presidency in the first place, along with increased competiton from overseas markets like China, and 9/11 causing global turmoil, are the reasons we went from a surplus to a deficit in little over a year.
In fact, the federal deficit in 2007, after 6 years of "Bush tax cuts", two wars and disasters like Katrina, was roughly the same as it was in 2002 where we had a mini-recession and 9/11 back to back... roughly $150 million or so. That's small potatoes compared to the more than a trillion dollar deficits we've been running every year during Obama's term in office.
On 2/24/13, MB1025 said:
You know I was always wondering why no one ever used the dollar sign for $ony, but then I realized they have no money so it would be pointless.
