So what caused us to pile up 16 trillion dollars in debt? Reaganomics, Bush tax cuts, and two unfunded wars.Facts are stubborn things. PeterYes, facts are stubborn things. More stubborn facts:1) We haven't had a budget surplus when Democrats controlled Congress since 1969.2) The Democrats controlled the House in every year of Reagan's Presidency and controlled Congress in 2 years.3) Spending as a percentage of GDP hit a 35-year low (18.2%) in FY 2000 after 6 years of Congress being controlled by Republicans.4) Total spending increased 29% in only two years from FY 2007 to FY 2009 under a Democrat-controlled Congress. Non-defense spending increased 31% in those two years.5) The increase in non-defense spending since our last budget surplus (FY 2001) was $1.437 trillion. This is greater than our total income tax revenue (individual and corporate) in FY 2012. Yes, just the *increase* in non-defense spending was greater than our total income tax revenue (http://boards.fool.com/the-real-source-of-our-budget-trouble...). This increase in non-defense spending is 3 times the size of the increase in defense spending.6) Even when tax revenue hit a post-World War II low as a percentage of GDP in 2009 (15.1%) because of the economic downturn, real per capita tax revenue ($6,183) was 17% higher -- in real terms -- than 30 years earlier ($5,276 in 1979). Yep, real per capita tax revenue was much higher after the Reagan and Bush "tax cuts," and yet these "tax cuts" contributed to our budget problems (http://boards.fool.com/taxes-and-spending-per-capita-in-2005...).Those pesky facts.
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