TEFRA and gasoline. Tefra concentrated on loophole closure and Medicare...gas tax was for SS so they say.
In 1982. Tefra was the "fiscal responsibility act". The gas tax was the "Highway Revenue act".
In 1983 he raised SS taxes - with automatic increases.
In 1984 was the Deficit Reduction act.
In 1985 once again. COBRA.
In 1986 once again. Tax Reform.
In 1987 - whoops, he did it again. Omnibus.
These were all the right thing to do, even if he found it distasteful. He was far more responsible than any of today's Neocons.
So the government is now to blame for >our< excess?
Not at all. Just re-iterating that the money that flushed into the economy was CC/personal loan money - NOT due to "tax cuts that increased federal revenues".
Government spending buys goods and services in the US. Those goods and services are provided by employed folks. Huge increases in need create increases in employment. And before you rail about "no new jobs" you are going to have to prove to me how 5.4% unemployment rates are the end of the world as we know it.
You forget, Bill. I was one of those 'jobs'. I was one of those 'employed'. At 1/10 what I had been making. My discretionary spending was literally zero, remember? Had I gotten sick, I would have lost my job and been out on the street, remember? I DO. It took me YEARS to find another job, and I got it because I was LUCKY. (Don't tell me it's because the economy turned around. I WANT TO GO HOME. I check jobs in NJ every day. I miss my family and friends) Don't tell me that because the top percentile have made a lot of money, the economy is great - it's not. Or do YOU think that that 1 percentile can (or will) spend as much as the other 99% would if they had money they COULD spend? How many houses will each of those top earners live in, Bill? 99? 98? No? How many cars? 99? 98? No? How many TVs? Without a market to sell to, our economy will COLLAPSE. Without a manufacturing base to sell things to the outside world, it may never rise again.
And THAT'S not even taking into consideration the record number of defaults and bankruptcies this economy has spawned.
And - let's see - how many jobs has the 'increased manufacturing' spawned by this war created? The taxes on those salaries, and the sales taxes together offset the cost of the war itself by HOW much? But spending on this war is supposed to be GOOD for the economy?
if something can be done to shore up the system till its my turn to get my money (back) out of it...more power to him.
If you think the point of this is to 'shore up the system' - you didn't read my initial post.