It’s the Spending, Stupid!

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It’s the Spending, Stupid!

Posted by Ben on August 26, 2011 · Comments (2)

Dr. Paul G. Kengor, FloydReports.com

We have failed to heed the lessons of economic history, with terrible consequences for our economy and country. And the most crucial of those lessons, particularly since the start of LBJ’s Great Society, is this: deficits have been caused not by a lack of income-tax increases but by recession and, most of all, by excessive government spending.

The failure to learn that lesson is again on painful display, as President Obama travels the country pointing the finger at “the rich” for not forking over enough income. By this narrative, the 36 percent income-tax rate paid by the wealthiest Americans is somehow robbing the poorest Americans, whose income-tax rate is zero percent; something one would never know from Democrats’ class rhetoric.

Because I comment on this topic so frequently, especially in the context of Reaganomics, I constantly deal with these issues from a historical perspective. Here, I would like to make it easy for everyone to see the numbers themselves and understand the root of the problem.

This falls on deaf ears.

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