The deficit reduction myth
Ludwig von Mises Institute
by Bert McLachlan
12/06/05
Congress is treating the deficit as a big joke, but surely most people aren't so stupid as to think that 'deficit reduction' is really that. Congress has outspent its own income in 45 of the last 50 years, thereby running up deficits by over $5 trillion. But $4 trillion of those deficits were in just the last 20 years. And then President Bush's budget submission this last February projected $3 trillion more of deficits in just the next 6 years. That is how much Congress itself actually spends in excess of its own income tax revenue...
http://www.mises.org/story/1963
Informant: Thomas L. Knapp
by Bert McLachlan
12/06/05
Congress is treating the deficit as a big joke, but surely most people aren't so stupid as to think that 'deficit reduction' is really that. Congress has outspent its own income in 45 of the last 50 years, thereby running up deficits by over $5 trillion. But $4 trillion of those deficits were in just the last 20 years. And then President Bush's budget submission this last February projected $3 trillion more of deficits in just the next 6 years. That is how much Congress itself actually spends in excess of its own income tax revenue...
http://www.mises.org/story/1963
Informant: Thomas L. Knapp
Starmail - 7. Dez, 19:29
