Sun Aug 5, 2012, 11:35 PM
NRaleighLiberal (36,565 posts)
"Damning evidence from CBPP lays responsibility for budget deficit on Republicans"
I know, it's the Examiner - but this is a good article. Found it on Twitter tonight.
by James Johnson
"The results of an analysis by the Center on Budget and Policy Priorities (CBPP) released late yesterday demonstrate that the Bush era tax cuts, and the wars in Iraq and Afghanistan account for virtually the entire federal budget deficit projected through 2019.
The analysis cites Washington Post columnist Robert Samuelson's retrospective in an article last week, which asked, "why did the federal government amass large deficits between 2002 and 2011, rather than the large surpluses that the Congressional Budget Office (CBO) projected in early 2001."
In part, Samuelson that the 2001 and 2007-2009 economic downturns were found to be more significant than any single legislative change that policymakers enacted, citing an analysis of CBO data that ascribed nearly a quarter of the budget deficit over that period to the 2001 and 2003 Bush era tax cuts and the Iraq and Afghanistan wars.
Finding with Samuelson that the mounting debt had also raised interest costs on the debt, the CBPP analysis also attributed much of their projection on those interest costs. Additionally, other tax reductions enacted by the Bush administration, including the annual adjustments of the Alternative Minimum Tax that could otherwise have affected millions of higher middle income bracket households."
I know, this is "no shit, sherlock" for DUers - but at least this type of analysis is getting out there a bit. Give it a read.
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