Thursday, May 19, 2011

Great chart on deficit

So why is the deficit so large?  Tax cuts and wars are the biggest issues over the long run.  In the short run, the financial crisis added on.  (see here)
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3 comments:

  1. EMeisheMay 19, 2011 at 7:24 AM

    Definitely worth a thousand words. However again, we are dealing with fairly long term projections. I would like to see this chart from say 2000-2019 or a similar interval and see more hard numbers from the past that we know happened, true data points.
    This chart hopefully will help us see what the real sources of spending are. I mean how much does one bombing run or missile strike cost compared to funding for NPR? If a politician wants to be a budget deficit cutter fine. But they need to cut everywhere, especially the fattest chunks.

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  2. BethMay 21, 2011 at 10:16 AM

    Wow. This is an awesome find-thanks for posting, Hannah. It's nice to see things put into perspective and itemized this way. We talk about our debt and point fingers about what should be changed to decrease it, but we never really pinpointed where the debt came from in the first place. I agree that this helps us recognize where our real sources of spending are coming from and where our sources of spending cuts should be directed. I was most shocked by the bush tax cuts contributions. I had always believed they were a contributing factor, but I never assumed that they were a greater factor than the war.

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  3. UnknownMay 22, 2011 at 4:23 PM

    Makes you realize that the bailouts although astounding numbers when we try to say them actually are not a lot of the actual budget deficit. They are only a drop in the bucket when compared to the Bush tax cuts which are mostly for the richest of the tax bracket and when compared to the War we really see where things lie. I think perhaps we should get rid of the tax cuts, actually propose a tax on this bracket who has gotten away with quite a bit more than what was planned on and then we should reinvest the money for War to rebuilding the countries we destroyed and gaining the goodwill of the people. And then put the population of those countries to work doing whatever we outsource. :)

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