Don't listen or believe what you hear concerning deficit spending and debt from the major or cable news networks, their journalists or talk shows when they blame democrats. And for sure don't believe conservatives, you know those anti-American republicans. This writers comments on the subject matter has been on target for the past few years and now we have confirmation in a news article by Lori Montgomery of the Washington Post dated May 1. What took so long for the news media to catch up?
The article begins with the statement "the nations unnerving descent into debt began a decade ago with a choice, not a crisis." That confirms what this writer said long ago here in politidose, that the Bush administrations record deficit spending and tax cuts are the reason the national debt is out of control. In fact the story quotes the CBO as saying that when Clinton left office, the out look was so rosey, Washington would have enough money by the end of the decade to pay off everything.
The report goes on to explain that caution was swept aside and political leaders choose to cut taxes, jack up spending and for the first time in U.S. history waged two wars solely with borrowed money to the tune of $1.3 billion and still counting. The CBO also said Bush era policies meanwhile account for more than $7 trillion and are a major contributor to the trillion dollar annual budget deficits that are dominating the political debate.
The readers of politidose know from past commentaries that if it were not for the record deficit spending and debt of the Reagan, Bush 41 and Bush 43 administrations the national debt would not be a problem and that Bush 43 was the biggest violator of all. Sadly, a good portion of the people believed the republican lies and have no clue as to what took place.
The CBO report also said: Federal tax collections now stand at their lowest level as a percentage of the economy in 60 years. The biggest culprit by far has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts. Together, the economy and tax bills enacted under former President George Bush, and to a lesser extent by President Obama wiped out $6.3 trillion in anticipated revenue.
The past is still the key to the future and past republican Presidents such as Reagan, Bush 41 and Bus 43 never learned from their past mistakes because of their anti-Amrican ideology of trickle down economics. It does not work, does not trickle down and depletes the U.S. treasury. That coupled with the republicans penchant to increase spending big time created the debt problem the country has today. The news pundits have been silent all those years. In the future, tune them out and politidose in. That says it all.
Note 1: See Politidose commentary: The National Debt; Betrayal and Devastation, dated December 6, 2009.
