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Old 01-28-2013, 02:44 PM   #33
Amnorix Amnorix is offline
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Quote:
Originally Posted by patteeu View Post
BTW, out fiscal problems weren't caused by defense spending. Over the past several decades, defense spending has generally been declining as a fraction of both GDP and the federal budget. Entitlement spending and interest payments on the debt are where the budget busting growth comes from.

And declining tax receipts due to the weakened economy.

Federal spending almost immediately increased by about half a trillion under Obama from Bush's last year, AND THEN REMAINED ROUGHLY FLAT for his first term.

With Bush, it went up by half a trillion after four years, and then kept going up.

But bottom line, after four years, both Presidents increased spending by about half a trillion. The ballooning deficit is due to the increase in spending but also the declining revenues, which haven't rebounded very well at all.





Side note -- we do need to cut spending, but let's not ignore other causes of the increasing deficits/debt.
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