David Stockman, Reagan economist, on debt spree

[flacaltenn]

Hey FinnBow:

Is that just "stimulus"? Or is it really stimulus + TARP + GM/Chrys + Fan/Freddy, ect, ect??

somethings not right there.. Because the tax cut section is growing waaay faster than the economy has over that period. It's also probably "static cost" of tax cuts, not taking into account normalization to GDP or something else that controls for revenues.

Also are those PERSONAL INCOME tax cuts? or ALL tax cuts enacted?

[piece-itpete]

Apparently tax cuts are Obamas answer as well.

I heard yesterday on the talking head shows that Obama is planning on cutting withholding again. Granted, it's a BS shell game, but he did go with 'Bushes tax cuts on the wealthy' too (when does it become Obamas?).

Toss in another military 'action' and a ramp up in Afghanny....

Pete

[finnbow]

Originally Posted by flacaltenn

Hey FinnBow:

Is that just "stimulus"? Or is it really stimulus + TARP + GM/Chrys + Fan/Freddy, ect, ect??

somethings not right there.. Because the tax cut section is growing waaay faster than the economy has over that period. It's also probably "static cost" of tax cuts, not taking into account normalization to GDP or something else that controls for revenues.

Also are those PERSONAL INCOME tax cuts? or ALL tax cuts enacted?

Stimulus = 2009 ARRA (aka "The Stimulus Bill")

I think the graph represents debt in terms of percentage of GDP.

[flacaltenn]

Then that graph is mostly good for laughs because of the arrows pointing to

Where we are! and

Where we THOUGHT we'd be..

[finnbow]

Originally Posted by flacaltenn

Then that graph is mostly good for laughs because of the arrows pointing to

Where we are! and

Where we THOUGHT we'd be..

True enough. I think the source of this big difference is twofold; the lousy state of the economy reducing revenue (primary) and the inexorable growth in spending, even outside of these 3 big ticket items (secondary).

[piece-itpete]

Don't forget the pie in the sky projections Congress forces the CBO to use...

Pete

[flacaltenn]

Trying to understand any ONE aspect of the budget is mind-numbing.

There's always a clue tho from a scientific/engineering view. Nothing that complicated can be displayed as one number or one graph. That's why I'm a anthropogenic global warning skeptic. Because the idea that there even exists a single "mean annual surface temperature" for an entire year over the entire globe --- AND that that one number means ANYTHING important within a couple degrees of certainty is laughable from any scientific direction.. But let's not do that one here..

FinnBow: If you or anyone else is truly fond of Stockman and whether he's changed since the Reagan years (he's not really) -- there's a longer, more in depth interview at:

http://reason.com/archives/2011/03/2...olitics-over-e