Saturday, May 21, 2011
Where the debt will come from
The Center on Budget and Policy Priorities has a chart that shows where the projected budget deficits will come from in succeeding years. It suggests that the Bush tax cuts will be the largest factor and, when they are combined with paying for the unbudgeted wars in Iraq and Afghanistan, will account for more that half of public debt. Check out the chart HERE.
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Please explain this to me - tax cuts were implemented in the early 2000's and by 2007 our deficit was only roughly $160 billion. So how could the same tax rates today that we've had for a while now account for such a large percentage of the deficit going forward? The massive increases in the annual deficits to over a trillion a year are in large part due to the Bush tax cuts when in 2007 we had much smaller deficits and the same rates? Doesn't make sense to me. Something else must have changed which caused the deficit to increase so much.
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