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Public debt growth
At the confluence of our failed trade, energy and fiscal policies lies the Gross Public Debt which now exceeds nine trillion dollars. The interest alone is currently 153.8 billion dollars or about what we spend in Iraq each year.
Consider that since the advent of "Reaganomics", the Gross Public Debt has increased almost ten-fold from something over 900 billion dollars in 1981 to over 9.2 trillion dollars today! This works out to an average annual growth rate of about 9 percent.
On the other hand, the historical rate of growth of the economy has averaged 3.15 percent for the last 27 years. It gets worse! If you just look at the last eight years, beginning with the first quarter of 2000, growth has only averaged 2.4 percent.
President Bush is asking Congress to make his tax cuts permanent. As heir presumptive to the Bush legacy, Senator McCain has also advocated making the tax cuts permanent. This, in essence, pegs future revenue growth to that of the economy, i.e. 3 percent plus or minus.
Query for Senator McCain: explain how revenues growing at three percent can offset a debt growing at nine percent?
Mike Gruetzemacher
Cochise
Consider that since the advent of "Reaganomics", the Gross Public Debt has increased almost ten-fold from something over 900 billion dollars in 1981 to over 9.2 trillion dollars today! This works out to an average annual growth rate of about 9 percent.
On the other hand, the historical rate of growth of the economy has averaged 3.15 percent for the last 27 years. It gets worse! If you just look at the last eight years, beginning with the first quarter of 2000, growth has only averaged 2.4 percent.
President Bush is asking Congress to make his tax cuts permanent. As heir presumptive to the Bush legacy, Senator McCain has also advocated making the tax cuts permanent. This, in essence, pegs future revenue growth to that of the economy, i.e. 3 percent plus or minus.
Query for Senator McCain: explain how revenues growing at three percent can offset a debt growing at nine percent?
Mike Gruetzemacher
Cochise
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| Cowboys at Heart | Suport FFA with tax $ |
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