LadyBastiat
01-03-2012, 02:40 AM
I'm seeing this beginning to pick up traction any counter to it? From what I can tell it's legit and I don't possess enough in depth knowledge of economics to point out any criticisms.
How We Balanced the Budget Last Time (http://www.foxnews.com/opinion/2011/07/11/how-balanced-budget-last-time/)
President Obama and the Democrats argue that any debt limit deal to reduce federal deficits and debt needs to be balanced between spending reductions and tax increases. But as I show in my new book, "America’s Ticking Bankruptcy Bomb," that is not how we did it the last time we balanced the budget, in the 1990s.
The Republican congressional majorities elected in 1994 were greeted in February, 1995 with then President Clinton’s new budget projecting continued federal deficits of $200 billion or more indefinitely into the future. The ensuing government shutdown battles ended with budget policies that cut both taxes and spending.
Republican congressional majorities, led by then House Speaker Newt Gingrich, enacted the largest capital gains tax cut in U.S. history, slashing the rate by 40% from 28% to 20%. Along with some other tax cuts on capital, that helped to promote an economic boom that produced surging revenues.
Read more: http://www.foxnews.com/opinion/2011/07/11/how-balanced-budget-last-time/#ixzz1iNmTGdQT
How We Balanced the Budget Last Time (http://www.foxnews.com/opinion/2011/07/11/how-balanced-budget-last-time/)
President Obama and the Democrats argue that any debt limit deal to reduce federal deficits and debt needs to be balanced between spending reductions and tax increases. But as I show in my new book, "America’s Ticking Bankruptcy Bomb," that is not how we did it the last time we balanced the budget, in the 1990s.
The Republican congressional majorities elected in 1994 were greeted in February, 1995 with then President Clinton’s new budget projecting continued federal deficits of $200 billion or more indefinitely into the future. The ensuing government shutdown battles ended with budget policies that cut both taxes and spending.
Republican congressional majorities, led by then House Speaker Newt Gingrich, enacted the largest capital gains tax cut in U.S. history, slashing the rate by 40% from 28% to 20%. Along with some other tax cuts on capital, that helped to promote an economic boom that produced surging revenues.
Read more: http://www.foxnews.com/opinion/2011/07/11/how-balanced-budget-last-time/#ixzz1iNmTGdQT