Monday, May 2, 2011

Runaway tax cuts

"The biggest culprit, by far, has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts."

- from "Running in the red: How the U.S., on the road to surplus, detoured to massive debt"

This should be old news. But yet people still blame it on spending growth. Why? How is it that the misinformation of yelling "runaway spending" somehow speaks louder than the truth of "runaway tax cuts"? Why is it so hard to look at the drop in revenue and realize that it's the biggest problem?

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