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Five lessons from the European fiscal crisis November 19, 2011 2:22 pm TB

Here.

A relevant chart:

Revenues vs. Spending

The numbers on the chart are in percent of GDP. If you’re talking raw Federal revenue numbers (from Obama’s budget documents and recent Treasury figures), under the Bush tax rates in 2007 the government took in $2.412 trillion (in constant 2005 dollars). That’s $102 billion more than the revenues taken in during the great surplus year of 2000.

The receipts for 2011, under the exact same tax rates, were about $2 trillion. That’s $310 billion less than in 2000, but in 2000 there was a $269 billion surplus, and this year there’s a $1.1 trillion deficit.

It’s the spending, stupid. And no matter how loudly people holler, at the end of the hollering it will still be the spending.

If you think raising taxes on the rich will “fix” this, bring hard numbers. I already have them, but it might be fun to see someone else’s. For a change.

  • Never, ever invest in American hedge funds. Never, ever believe American bond ratings. Never, ever allow a member nation to blindly follow ... by bowser 2011-11-20 09:34:48

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