e-commentary

There may be no greater lie than the one advanced by Reagan, Bush, Cheney and others that budget deficits do not matter.  Budget deficits do matter.  Budget deficits are a form of taxation.  Budget deficits are a tax imposed on the next generation.  The Cheney-Bush team and their ilk have raised taxes via deficit spending more than all other previous administrations in American history.  The Reagan budgets produced the second largest deficits as a result of “tax increases.”  About seventy percent (70%) of the Nine Trillion Two Hundred Billion Dollar + (9,200,000,000,000.00 +) Debt is attributable to Reagan, Bush, Bush and Cheney.  An irresponsible Congress constituted of Democrats and Republicans and an irresponsible White House populated by Democrats and Republicans contributed.

A temporary budget deficit followed by a balanced budget or a surplus would not matter in the intermediate run.  However, a deficit (“little d”) that is followed by a deficit followed by a deficit followed by a deficit followed by a deficit followed by a deficit has created and is creating a catastrophic national Debt (“Big D”).  Imagine spending $10,000 a month for twelve (12) months.  The $10,000 expenditure is a “rate” of spending and is described as the “deficit.”  At the end of the year, the total amount of $120,000 and accumulated interest is described as the “Debt.”  deficit + deficit + deficit + deficit + deficit + deficit ……. = Debt.  The Debt is now more than nine decimal two (9.2) trillion dollars.   $9,200,000,000,000.00.

Bumper stickers of the week:

deficits do matter;
Debt really does matter

Debt Is Deferred Taxation

Debt is Debilitating

Attention:  deficit Disorder

Attention:  Debt Disorder

Trade Deficits Matter Also

Household Debt Matters Also

This entry was posted on January 7, 2008 at 6:26 am and is filed under Bush, Congress, Debt/Deficits. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.