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Townhall Finance
Putting the
Spending Genie Back in the Bottle
By Bob Beauprez
As the following chart (click link below) from Investor's Business
Daily demonstrates, The Bush Tax Cuts didn't starve the federal
treasury – revenue flooded in as the economy expanded from the
pro-growth policies implemented in 2003 and continued until the
sub-prime mortgage market collapse.
Even with the anemic Obama economic recovery, revenues are again nearly
equal to the level required to fund the government had spending over
the last fifteen years increased at the rate of population plus
inflation growth. But, that has not been the case.
The pox on Bush and the Republican majorities is that while revenues
soared following implementation of the 2003 tax cuts, spending did as
well. To be fair, much of that increased spending was related to
the war on terror following the September 11, 2001 attacks.
Also, the rate of GOP spending increases pale in comparison to what
happened when Democrats took control of Congress beginning in 2007 and
further accelerated when Obama moved into the White House in 2009.
Federal revenue rose from $1.7 trillion to $2.4 trillion from FY 1998
to 2012 as indicated. "Revenue growth averaged 2.9% annually,
despite two recessions, bear markets, - and tax cuts," as David Hogberg
explained in the feature article accompanying the IBD graphic…
Read the rest of the article at Townhall Finance
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