09 Jul '11, 1am
The Tea Partiers Are Dead-Set on Driving the Deficit Through the Roof and They Don't Even Know It
Thursday July 7, 2011, 2:22 am "The Tea Partiers are inflamed by budget deficits, so it's a tragic irony that they're doing everything in their power to send the deficit skyrocketing. What they fail to understand is that the largest single contributor to today's budget deficit isn't runaway spending, the wars in Iraq and Afghanistan or even the Bush tax cuts although all of those are big factors. The leading contributor to the deficit today is the recession that followed the burst of the housing bubble (over the next 10 years, it will be the Bush tax cuts). People lost trillions in wealth and millions of jobs, businesses were hurt bad, and all of those things led to a huge drop in tax revenues. Last year, the federal government collected the smallest share of the economy in taxes than in any year since 1950. That brings us to the debt ceiling showdown. Last March, the ...