Golly. The GOP still hasn’t figured out what’s driving the federal debt? Let’s try… lack of revenues.
Federal revenues, as a percentage of the country’s economy, are at the lowest point since Harry Truman was President. (And that was before Congress enacted Medicare, and added Medicare payroll taxes to the federal revenue mix.)
Corporate taxes, in particular, are at record-low levels. (Just look at the olive-green areas on this graph.)
The GOP insists on “concessions” from President Obama, in exchange for not driving America’s economy totally off the cliff.
They are insisting on cuts to Social Security and Medicare before they will consider acting on the debt limit. “My goal here is to have a serious conversation about those things that are driving the deficit and driving the debt up,” according to House Speaker John Boehner.
But will they discuss restoring revenues, as a way of cutting the deficit? Not a chance, the GOP says.
Is Speaker Boehner really contemplating a “conversation”? (Or is he just expecting the Democrats to surrender?)
See the data I used in my graph here.