This will really impress the people who set our credit ratings. I'm sure they're already taking note of the trillion-dollar coin idea.
Something that can't go on forever, won't.
The Gephart Rule was implemented in 1979, and went on until the Republicans put the brakes on it in 1995. What happened to spending during that time? Who controlled the House?
An interesting graphic, taken from the Obama budget history documents:
The graph basically speaks for itself, but try a few experiments:
- Draw a straight line to the right from the spending levels of 1999. How much of the blue "receipt" line is above that line? How much is below it? Of those parts below it (deficits), how large are they?
- What were the tax rates in 2007? What were they in 2012? What year did the rates change? Can any reasonable mind look at this graph and say our problem is low tax rates?
- Obama's 2013 budget estimated a 2017 outlay of $3.484 trillion (2005 dollars). Is the outlay curve rising or falling?
Current Events » in reply to The hostage takers will fail
Yes, the debt ceiling should be unlimited.
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- Circling the fiscal drain