mrstickball on 12 November 2012
| 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. |
Not quite true.
Federal tax revenue is at about 16% of GDP - down from a 50 year average of about 18.5%. Spending is at 26% of GDP - up from an average of about 19% of GDP.
Tell me, which one do you think causes more deficits? Revenues being down 2.5% from their historical average, or spending being up 7% from historical averages?
Back from the dead, I'm afraid.
