And 50% means the debt would be paid off in six months of using the full output. So if we used the full value of what the US produces for one year just to pay off that debt, that would just do it. It means the national debt equals one year of Gross Domestic (National) Product (GDP). The national debt in perspectiveĬonsider what it means when the graph says 100%. But here are two of the brightest contenders in the 2016 Republican primaries repeating the same old Voodoo. When it comes to the debt, the GOP is the party of zombies. Trust me again for 14 seconds and listen to Fiorina and Rubio:Īs Carly says, this may seem crazy to you. Fool me twice shame on me. Should we go for three times? You would think that after 20 years of Voodoo experiments turning out just like any sane person would expect, that at least the best and brightest Republicans would catch on. Once again it grew even faster than the economy and that’s why you see the graph going up in his first budget year.įool me once, shame on you. And the Debt, which had been going down, suddenly shot up. He cut taxes, believed tax revenues would increase, but surprise - tax revenues went down. The same thing happened to him as to Ronald Reagan. But he remained under the spell of voodoo economics. … the largest debt reduction ever achieved by any nation at any time.” Instead, the national debt went up by $2 trillion. One month after taking office in 2001 with a plan to cut taxes, he said he would “retire nearly $1 trillion in debt over the next four years.
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