What Do the Election Results Mean for the Economy?
We can probably expect skyrocketing federal deficits and maybe even a dollar crisis. The Pledge calls for trillions of dollars in tax cuts, yet offers few major plans for savings.
"Pledge to America" Unveiled by Republicans (Full Text) - Political Hotsheet - CBS News
Easier to read version here, below. 10 Mb .pdf download, tho.
http://www.gop.gov/resources/library...to-america.pdf
...an overall cut of more than 40 percent by 2021.....Are the RSC members prepared to cut education spending by that much? Spending on veterans and homeland security? Food safety? Federal law enforcement?
Opinion | A Republican plan to cut federal spending: taxpayer discretion advised | Seattle Times Newspaper
(Note. The Seattle Times is pretty liberal.)
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Here's an excerpt from the PDF.
An unchecked executive, a compliant legislature, and an overreaching judiciary have combined
to thwart the will of the people and overturn their votes and their values, striking down longstanding
laws and institutions and scorning the deepest beliefs of the American people.
An arrogant and out-of-touch government of self-appointed elites makes decisions, issues
mandates, and enacts laws without accepting or requesting the input of the many.
Interesting...something I noted...from that PDf...
Budget caps were used
in the 1990s, when
a Republican Congress
was able to bring the budget into balance
and eventual surplus.
Is true, in a sense - but it was also based on a tech bubble. among other things.
Dot-com bubble - Wikipedia, the free encyclopedia
Check this too..some Republican slamming Clinton for the "balanced budget" proves my point.
The Phantom Republican: Did Bill Clinton Really Create a Budget Surplus? Part 1
During Bill Clinton’s presidency, from 1992 to 2000:
- Spending increased by 29.49%.
- Tax revenues increased by 85.58%.
Obviously, Bill Clinton did not control federal spending since it increased by almost 30% during his tenure. What saved his goat was the dramatic 85.58% increase in tax revenues.
So the raw data show that although federal spending increased dramatically during Clinton’s term, tax revenues increased even faster!
That’s why there was a budget surplus - tax revenue increased at a faster pace than Bill Clinton could spend it. The surplus had nothing to do with his ability to intentionally balance the budget!
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