$1.2T is a big number - just keep in mind that the Federal Debt has been growing since the 1980s. Reducing the debt takes time and patience.
But what were the main driver of our debt?
Here's one "take' on that:
"By themselves, in fact, the Bush tax cuts and the wars in Iraq and Afghanistan will account for almost half of the $20 trillion in debt that, under current policies, the nation will owe by
2019. The stimulus law and financial rescues will account for less than 10 percent of the debt at that
President Obama, however, still has a responsibility to propose, and put the weight of his office behind, policies that will address our key long-term fiscal challenge — preventing the relentless rise
of debt as a share of GDP that will occur under current policies."
What most Americans do not realize is that both wars were fought with borrowed money - neither is part of the budget.
I have long argued that we should sell war bonds like we did in WWII - my guess is that once we saw how little money we raised we'd then realize that Americans don't have much of a stomach for these wars.
And I'm all for tax cuts - if the taxes are no longer needed - unfortunately we cut taxes and never cut spending - NEVER.
Then President Obama came into office during a great recession. The resulting programs used to try to address the recession were ill advised at best.
The President has shown a lack of leadership - I agree. AS have the Speaker and Majority and Minority leaders in the Senate. Our politicians have taken being two face to a whole new level.
Revenues are as much a part of the problem as spending is - and no one has the guts to say it.
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