Way back in 2001

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Submitted by Jerry Skurnik (United States), Jul 12, 2011 17:50

Way back in 2001, before the Bush tax cuts went into effect, a considerable sum of money that would put a dent on this debt crisis was raised. I don't recall people refusing to work. In fact a lot more people were working then compared to the number after the taxes were cut.

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The Future of Capitalism replies:

I'd take the Clinton-era tax rates back if we could also have the Clinton-era spending levels. Then the fight would be over what to do with the surplus. But I'm not a party to the negotiations. Tax revenue today about what it was in 2000, before the Bush tax cuts went into effect. But spending is $1 trillion a year higher. This is in the OMB's constant (2005) dollars. 2000 revenue: $2.3 trillion. 2011 revenue: $2.3 trillion. 2000 expenditures: $2 trillion. 2011 expenditures: $3.4 trillion. It's not a revenue problem, it's a spending problem, at least primarily, in my view.

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