Friday, November 30, 2012

Some things never change

As Democrats and Republicans face off over what to do about our trillion-dollar deficits—raise taxes or cut spending?—I can't resist posting this page from the New York Daily News, dated Nov. 4th, 1949. This debate is as at least as old as I am.


(click to enlarge)

I provided some important and worthwhile long-term perspective on this issue a few weeks ago.

8 comments:

Dr William J McKibbin said...

Nice artifact -- interesting indeed.

Buddy R Pacifico said...

Here is Harry Truman's 11-3-1949 speech that is referred to.

Gil Rodveltz said...

Thanks....very enjoyable

Public Library said...

Brilliant. Thank you fro sharing this.

Benjamin said...

The War on Poverty, the War on Drugs, the War on Terror--all wars designed to permanently drain contents from the wallets of taxpayers.

marmico said...

Sheesh, I didn't know that it was an either (cut spending)/or (raise taxes issue.

Apparently, all of the federal government income statements that you have religiously posted monthly since you commenced this blog are beyond your comprehension.

What were average "Reagan Revolution" outlays? More than 22% of GDP, right! What were average "Reagan Revolution" receipts? More than 18% of GDP, right! TPC data.

The "Obama Revolution" average is 24% outlays and less than 16% receipts.Right! Latest CBO data.

Any ideologue who maintains that the fed deficits are solely an outlay issue is flat out to lunch.

marmico said...

Ooops, Latest CBO data.

Paul said...

I agree with Marmico. One of Bush's worst mistakes was to zero out income taxes for millions of people in the lower earnings brackets. Time for them to start paying for the big government they are voting for in droves.