21 November 2010, 4:55 am
FYI Don't say Ronald Reagan because he almost tripled the national debt and he almost tripled the deficit. He also increased taxes. Reagan may have resisted calls for tax increases, but he ultimately supported them. In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act (TEFRA) raised taxes by $37.5 billion per year and the Highway Revenue Act raised the gasoline tax by another $3.3 billion. According to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. An increase of similar magnitude today would raise more than $100 billion per year." The National Review National Review (NR) was founded by the late author William F. Buckley, Jr. If you are a true Conservative you know who he was. ****** "The fiscal shift in the Reagan years was staggering. In January 1981, when Reagan declared the federal budget to be "out of control," the deficit had reached almost $74 billion, the federal debt $930 billion. Within two years, the deficit was $208 billion. The debt by 1988 totaled $2.6 trillion. In those eight years, the United States moved from being the world's largest international creditor to the largest debtor nation." The Washington Post http://old.nationalreview.com/nrof_bartlett/bartlett200310290853.asp http://www.washingtonpost.com/wp-dyn/articles/A26402-2004Jun8.html... Read More »
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