Quote:
Originally posted by PornoDoggy@Feb 27 2004, 03:04 PM
Hmmmm ... the deficit is how much right now? And how much of that is due to the tax suspensions?
So it boils down to tax and spend, or don't tax and spend anyway.
Given a choice, I'd rather have Serge and Mike pay now, instead of shoving the bill off on my Grandson.
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I see it as we traded some debt for some peace of mind. How bad would the US economy have been last year without tax cuts and increased government spending? I think it would have been painful and a lot more people would have been out of work.
Since debt/GDP ratio has been higher in the recent past (and much higher during WW II), I think we have plenty of breathing room.
On a percentage basis, these are not record deficits. Not even close. 30%+ during WW II. They were actually higher (by 33%) in 1983 than today. When your economy is $11 trillion (!) and your economic policy is to spend to get out of recessions you're going to record deficits on a strict dollar by dollar comparison all the time.