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
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