Saturday, October 13, 2012

What caused the deficit?


It has become an article of faith among Republicans that President Obama's polices caused the deficit to soar. As a result, they claim we need to cut federal programs that assist low and middle income families because it is immoral to leave these bills to our children.
The problem is that it is just not true that the Recovery Act is responsible for the nation's projected deficits.
According to the non-partisan Congressional Budget Office, the Recovery Act and even TARP (the bank bail-out) are not responsible for projected deficits. That is because these policies are short term.
It's long term policies, like the high income Bush tax cuts, that stay in the system and remain unpaid for, that drive deficits.
The Great Recession played a major role by reducing tax revenues and triggering automatic stabilizers, existing counter cyclical laws, like unemployment compensation and food stamps, that automatically increase federal spending during a downturn and then decrease spending during a recovery. Check out the chart by the Center on Budget and Policy Priorities (CBPP) that illustrates that absent the Bush era tax cuts, the wars of choice in Iraq and Afghanistan and the downturn, there would be virtually no deficit.
 
 
 
 

32 comments:

Anonymous said...

Here is your answer sir:

http://www.reuters.com/article/2012/10/15/us-usa-pensions-study-idUSBRE89E0NF20121015

Anonymous said...



and another view:

http://www.learnliberty.org/videos/will-higher-tax-rates-balance-budget

Michael Rosen said...

The public pension article has absolutely nothing to do with the federal deficit. The shortfalls discussed are in state and local pensions. They are the result of the failure of state and local officials to contribute what they were required to the funds. Remember, pensions are deferred compensation. So for years when the stock market was bubbling, state and local officials could put in less than required and make up the difference with outsized return. Then the bubble burst and public pensions were devastated. They are coming back, but slowly. But again, these are state and local obligations and are not part of the federal deficit. And no one said that raising the welathy's tax rates would balance the budget. But it would generate needed revenue and level the playing field. It is simply unAermican for the very rich to pay lowere tax rates than middle and working class people. Man up and pay your fair share.

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