The truth about the deficit

This chart pretty much says it all. But for a fuller explanation, see this story at Talking Points Memo.

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9 thoughts on “The truth about the deficit”

  1. Whoa! I didn’t see a line for “failure of Congress to reign in spending” on that chart!

  2. This illustrates why “tax cuts!” without saying what spending you will cut is a gutless campaign tactic. Successful, though. A mainstay of Republicans for 32 years.

  3. **This illustrates why “tax cuts!” without saying what spending you will cut is a gutless campaign tactic.**

    This shows why Democrats will always go along with Republicans to enact tax cuts…but will fight tooth and nail against and never allow any real spending cuts.

    A mainstay of Democratic politics for….Forever.

  4. Where should they cut, Lou? Real cuts, I mean, not NPR and overhead projectors.

  6. “There are three kinds of lies: lies, damned lies and statistics.” – Benjamin Disrael

    I found the chart nearly incomprehensible and at this point I don’t really care where the blame goes. I just want us to stop charging everything like college students with their first credit card.

  7. DK – I think there was an error on the labels for your chart. The 2003 tax cuts wre very unusual in that they had a definite sunset, and they ended in 2010. However, the Obama Administration chose to request that they be re-enacted, it passed the Democratic-controlled Senate (which just rejected Obama’s budget 99-0) and Obama signed the cuts into law.

    Shouldn’t they be labeled the Obama Era tax cuts?

    1. @C.E.: You know that’s (at best) half-true. Obama would gladly have gotten rid of the Bush tax cuts for the rich, but the Republicans wouldn’t hear of it.

  8. **Obama would gladly have gotten rid of the Bush tax cuts for the rich, but the Republicans wouldn’t hear of it.**

    Leadership at it’s best!

    Didn’t he have some veto power?

    Why didn’t he accomplish this when the Dems controlled All of congress in his first 2 years?

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