Note to Readers - Solving the Deficit Has Been Revised

In perusing my blog recently I was surprised to find that all of the embedded images had disappeared.  On the off chance that somebody may have actually looked at one of these posts, I went through them and replaced the missing images.

I am pleased to note that my posts on "Solving the Deficit", which I wrote in 2011, have stood the test of time.  In particular, the trajectory of the deficits and the recovery of the economy predicted by the Office of Management and Budget (CBO) and reported in my blog have proved to be spot on or even better.  For example, the 2014 deficit was 2.8% of GDP which is considerably lower than the deficit of 4.4% in 2008, President Bush's last year in office.  And the 2014 deficit would be a surplus were it not for the tax cuts enacted under Bush.  Yes, the 2014 can be attributed entirely to the Bush tax cuts my friends, which is consistent with my contention that we citizens of the United States are under- rather than over-taxed.  As I pointed out in my blog, US federal taxes as a % of GDP are 2.8% lower than they were at the end of the Eisenhower administration.  During that time we have added Medicare, Medicaid, and income support for the disabled (SSI) and much more.  So what do you get when you cut taxes and increase spending dramatically?  This is not rocket science, but nobody is talking about it and the Republicans continue to rant about how over-taxed we are.  I just don't understand why they are allowed to get away with this incredible con job?

Comments are welcomed, particularly if you spot any errors.

Regards

Jim Hawthorne