FOX News guy is new Ohio Gov.

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The tax cuts are in the chart I provided. And?
 
Beowulf said:
The tax cuts are in the chart I provided. And?
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• Declining revenues are driving future deficits. The fact is that rapidly increasing spending will cause 100% of rising long-term deficits. Over the past 50 years, tax revenues have deviated little from their 18% of gross domestic product (GDP) average. Despite a temporary recession-induced dip, CBO projects that even if all Bush tax cuts are extended and the AMT is patched, tax revenues will rebound to 18.2% of GDP by 2020—slightly above the historical average. They will continue growing afterwards.

Spending—which has averaged 20.3% of GDP over the past 50 years—won't remain as stable. Using the budget baseline deficit of $13 trillion for the next decade as described above, CBO figures show spending surging to a peacetime record 26.5% of GDP by 2020 and also rising steeply thereafter.

Putting this together, the budget deficit, historically 2.3% of GDP, is projected to leap to 8.3% of GDP by 2020 under current policies. This will result from Washington taxing at 0.2% of GDP above the historical average but spending 6.2% above its historical average.

Entitlements and other obligations are driving the deficits. Specifically, Social Security, Medicare, Medicaid and net interest costs are projected to rise by 5.4% of GDP between 2008 and 2020. The Bush tax cuts are a convenient scapegoat for past and future budget woes. But it is the dramatic upward arc of federal spending that is the root of the problem.
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In short, spending is the problem.
 
Yeah, deficit spending is nothing new. It has been going on for decades. Oh well.
 
Beowulf said:
Yeah, deficit spending is nothing new. It has been going on for decades. Oh well.
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Which is at this point completely unsustainable unless we take drastic measures now or else our great Nation of ours will simply collapse under the weight of our debts into the trillions of dollars.
 
When HAS deficit spending been sustainable? We're still here.
 
Beowulf said:
Yeah, deficit spending is nothing new. It has been going on for decades. Oh well.
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Absolutely. Yet all of a sudden, over the last 2 years, it has become THE issue. Puhleeze.
 
Beowulf said:
When HAS deficit spending been sustainable? We're still here.
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It's only recently that we're getting into the trillions of dollars spent and approaching already $14 trillion dollars debt or $15 trillion by next year. There was $5.1 trillion deficit with Bush in 8 years plus $4.1 trillion dollars deficit with Obama in 3 years for a total of $9.5 trillion dollars deficit in 11 years. And when combined Both Bush and Obama make up 60% of the $15 trillion dollars in debt already. We are at a crossroad. Understand that. Either you acknowledge that a collapse is coming down the road unless we do something....NOW. We are slowly overtaking the GDP.

Spending—which has averaged 20.3% of GDP over the past 50 years—won't remain as stable. Using the budget baseline deficit of $13 trillion for the next decade as described above, CBO figures show spending surging to a peacetime record 26.5% of GDP by 2020 and also rising steeply thereafter.
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That's only 9 years from now baring unforeseen events. Either accept what's coming down the road and do something about it now or ignore it at your own risk.
 
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