Comments on: Obama: We’ll spend our way out of downturn, the rest of us should look out! http://www.errorsofenchantment.com/2009/12/09/obama-well-spend-our-way-out-of-downturn-the-rest-of-us-should-look-out/ Why is New Mexico not realizing its potential? Sun, 12 Feb 2012 14:02:13 +0000 http://wordpress.org/?v= hourly 1 By: Paul Gessing http://www.errorsofenchantment.com/2009/12/09/obama-well-spend-our-way-out-of-downturn-the-rest-of-us-should-look-out/comment-page-1/#comment-1192 Paul Gessing Fri, 11 Dec 2009 16:26:29 +0000 http://www.errorsofenchantment.com/?p=1740#comment-1192 Mark, I'm not a Republican and I have repeatedly criticized Bush and his spending. Here's one example, but google my writing on Bush and spending: http://www.errorsofenchantment.com/2009/07/21/whos-responsible-for-todays-deficits/ The problem, contrary to your statement, however, is not tax cuts, but out-of-control spending. Clinton balanced the budget largely(and justifiably) by reducing military spending, but he was generally pretty fiscally conservative: http://www.cato.org/pub_display.php?pub_id=8137 Tax cuts without reductions in the overall size of government (or at least a degree of fiscal restraint) are indeed a chimera and Bush is an obvious example of this, but that doesn't mean that the deficits were caused by tax cuts (and of course Obama has raised taxes and expanded upon Bush's big-spending ways). Mark, I’m not a Republican and I have repeatedly criticized Bush and his spending. Here’s one example, but google my writing on Bush and spending: http://www.errorsofenchantment.com/2009/07/21/whos-responsible-for-todays-deficits/

The problem, contrary to your statement, however, is not tax cuts, but out-of-control spending. Clinton balanced the budget largely(and justifiably) by reducing military spending, but he was generally pretty fiscally conservative: http://www.cato.org/pub_display.php?pub_id=8137

Tax cuts without reductions in the overall size of government (or at least a degree of fiscal restraint) are indeed a chimera and Bush is an obvious example of this, but that doesn’t mean that the deficits were caused by tax cuts (and of course Obama has raised taxes and expanded upon Bush’s big-spending ways).

]]> By: Mark http://www.errorsofenchantment.com/2009/12/09/obama-well-spend-our-way-out-of-downturn-the-rest-of-us-should-look-out/comment-page-1/#comment-1191 Mark Fri, 11 Dec 2009 16:17:52 +0000 http://www.errorsofenchantment.com/?p=1740#comment-1191 I find it interesting that spending has become such a big issue. As a fiscal conservative its always been an issue with me. I've watched as the Republicans, the party of fiscal responsibility ran up the the National Debt. Of the current $12.1 National Debt, over $8 Trillion is easily attributable to the Republican Party. Reagan, both Bush's ran huge deficits. Reagan took the National Debt from $930 Billion to $2.7 Trillion. Of course his tax cuts are viewed as the solution to everything but no one talks about the huge deficit he ran up while doing it. Tax cuts have shown to be deficit enhancing. When Clinton raised taxes in 1993, he was able to balance the budget in 1998, 1999 and 2000. Our most recent Republican, W Bush, inherited a balanced annual budget yet cut taxes and added $5 Trillion to the National Debt. Tax cuts are not the panacea we are led to believe. The Laffer Curve is a model and does not mimic reality. I find it interesting that spending has become such a big issue. As a fiscal conservative its always been an issue with me. I’ve watched as the Republicans, the party of fiscal responsibility ran up the the National Debt. Of the current $12.1 National Debt, over $8 Trillion is easily attributable to the Republican Party. Reagan, both Bush’s ran huge deficits. Reagan took the National Debt from $930 Billion to $2.7 Trillion. Of course his tax cuts are viewed as the solution to everything but no one talks about the huge deficit he ran up while doing it. Tax cuts have shown to be deficit enhancing. When Clinton raised taxes in 1993, he was able to balance the budget in 1998, 1999 and 2000. Our most recent Republican, W Bush, inherited a balanced annual budget yet cut taxes and added $5 Trillion to the National Debt. Tax cuts are not the panacea we are led to believe. The Laffer Curve is a model and does not mimic reality.

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