In his letter published Dec. 13, Michael Oskins invited us to do the math. He then immediately proceeded to state totally false information on the Reagan and Bush tax cuts. The figure, created from federal website data (whitehouse.gov and census.gov) shows the federal deficits in constant dollars from 1950 onward. As shown, the deficits took huge jumps following each of the Bush and Reagan tax cuts and decreased during the Clinton and Obama administrations. In short, the Ronald Reagan and George W. Bush administrations are primarily responsible for our crushing national debt.
His projections for the future are also totally misleading. The Congressional Budget Office was forecasting an addition to the national debt of about $10 trillion over the next decade before the addition of the $1.5 trillion (likely a highly optimistic estimate) from the currently proposed Republican tax cut.
While it may be true that the Democrats are the party of tax and spend, it’s also clearly true that the Republicans are the party of borrow and spend, and bear the primary responsibility for our enormous national debt. If they were truly concerned about the debt they would be working on ways to reduce the additional $10 trillion debt from the status quo and not adding to it.
Stimulating the economy with a tax cut and more government borrowing in a time of record stock market valuations and long term economic expansion is the height of folly.
That’s my version of doing the math.