http://www.thedailybeast.com/newsweek/2011/08/14/…
This really isn't rocket science. I fail to see why everyone has to get caught up in alternative versions of reality. Please read and post your thoughts.
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I found this point to be rather funny.
"In 2001, when the budget last was in balance, the government collected roughly 19 percent of the GDP in taxes; it spent slightly less. But since the Bush tax cuts went into effect, the lines have wildly diverged. Spending has soared to 25 percent of GDP. And, alarmingly, tax receipts have crashed to 15 percent of GDP, the lowest level since World War II."
His entire argument is based on the need to increase taxes, but spending has increased more than taxes have decreased (spending has increased over 6%, while tax receipts have only decreased by 4%). Why, then, is there such an urgency to increase taxes rather than cut spending? I think this point clearly shows that we've increased spending more than we've decreased taxes as a percent of GDP, and yet he barely even touches on the need to cut spending.
All this is is more partisan bullshit. Yeah, we need tax increases, sure. But we also need to cut spending. Nothing will ever improve without both happening, but when shit like this continues to come out and blame one side or the other, nothing is ever going to get done.
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