Leap[quote=“Leap1, post:16, topic:91950, full:true”]
[quote=“TMFMurph, post:15, topic:91950”]
To say that this is due to implementing an “industrial policy” is simply not the true picture:
What to do with you?
Murph 1950 to 1980 we had a fiscal policy that induced manufacturing in the US. In other words an industrial policy. As the nation produced far more the ratio declined substantially.
In 1981 we got a capital policy. I get you do not know that. It was called supply side economics. I get you do not know what that is even though you supported it for 4 plus decades now. The debt soared. The amount of manufacturing we did in the US went down substantially. That was purposeful.
In 2022 we are now moving to an industrial policy to build out our manufacturing base. The debt to GDP ratio will fall.
The Clinton tax hike was to cut off the very fast rise in our debt ratio. There were two tax cuts by W. The deregulated banks collapsed in 2008 and the debt took off. We continued to outsource production.
Do you understand you are lied to constantly in your circles? Or worse those folks who were adamant about supply side econ did not know at all what it is. Only 6.5% of the state, local and federal budgets in aggregate are spent on social programs. Some 85% of those monies flow to the seniors. You are being lied to that welfare is the reason for the debt. You have not done due diligence to find out if you have accurate information.
Leap, my question is simple: how does the chart you posted show what you state?
If your point is that our debt as a percentage of GDP since 1980 has gone up because we left our industrial policy, fine. But I do not see any substantial evidence in that chart that the percentage of debt to GDP is/will decline due to our returning to an industrial policy.
Indeed, the projections on the chart show a continued rise in debt/GDP, and my analysis of why that is, shows a combination of increased mandatory social spending (which includes Social Security and Medicare/aid and others) and increased interest on our national debt.
Federal Spending | U.S. Treasury Fiscal Data
As far as past tax cuts and increases, please note that total Federal tax receipts have risen almost every year:
U.S. Federal Tax Revenue by Year (thebalancemoney.com)
(as to “what to do with” me, simply communicate more clearly)