Friday, August 31, 2012

Bush Tax Cuts Are The Major Source Of Government Debt

This article contains a graph that shows the growth in US debt up to 2016.  It breaks the sources of the debt down so that we can see what has influenced its growth.  The Bush tax cuts are responsible for most of the debt growth.  Two wars in the Mid-East, and the cost of recession are the next largest contributors to the debt.  Recessions contribute in two ways: they reduce tax revenue and mandatory transfer payments rise.  The focus of the Romney/Ryan campaign has been to blame the debt on Obama's policies.

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