Originally Posted by RajahBell
Also, the Bush Tax cuts grew the deficit. Since the economy is cyclical, when the economy is growing more revenue and at recession less revenue for the government to pay down the debt. It's Arithmetic.
The Bush Tax cuts and the wars are estimated to account for nearly half of the deficit by 2019.
I must say, I agree with Rocky Anderson, Obama's record on the economy is not very good either, especially when it comes to joblessness. In the past four years, there are many things which could have been done, which were not done, to promote job growth. Romney would be even worse though. It's really a damned if you do damned if you don't type if situation, forget "lesser of two evils." However, Romney is a true fascist. A Romney selection will be a disaster for the US.
But you are correct, basically the biggest contributing factor to the deficit currently is the economic recession, which erodes the tax base and therefore results in less revenue. Romney is right on this point, but he is nothing but a purveyor of lies. His proposal to reduce the deficit by cutting taxes is double speak. Cutting taxes is the same as increasing spending. This is economics 101. Of course, tax financing is a viable tool of fiscal policy, in the same way that spending is. However just as in the case of spending, a blanket policy of lower taxes is no recipe for economic growth (although ineffective spending would be better, since tax cuts of the sort which target the wealthy likely just transfer wealth upward and thus line bank accounts, whereas blanket spending perhaps at least puts money in to the hands of some of those who will spend it, which stimulates economic activity).