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Old 07-25-2011, 01:22 PM   #9
Amnorix Amnorix is offline
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Quote:
Originally Posted by HonestChieffan View Post
Oh....lest we get sidetracked.....no comment on the Obama % in under 3 years? No, lets move on.

A huge reason for the deficit under Obama is the reduced tax revenues during his three years, which is the result of the recession.

As a percentage of GDP, tax revenues are at the lowest point they have been in something like 15 years. While we usually average something like 18-20% of GDP, we're currently operating at under 15% of GDP. That's many billions of non-existent revenue, exacerbating the deficit situation.

Meanwhile, we're incurring massive increased spending to try to resuscitate the economy. None of this is much different than what a Republican would likely have done while in office. None of this is unexpected.
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