Re: Fiscal Cliff Deal: $1 in Spending Cuts for Every $41 in Tax Increases

Excellent. Then we can pay down the debt. Sounds like a plan


Sent from my Samsung smartphone on AT&T

lew <lewcoop@aol.com> wrote:

>Fiscal Cliff Deal: $1 in Spending Cuts for Every $41 in Tax Increases
>
>
>by Matthew Boyle31 Dec 2012
>biggovernment.com
>
>According to the Congressional Budget Office, the last-minute fiscal
>cliff deal reached by congressional leaders and President Barack Obama
>cuts only $15 billion in spending while increasing tax revenues by
>$620 billion—a 41:1 ratio of tax increases to spending cuts.
>
>When Presidents Ronald Reagan and George H.W. Bush increased taxes in
>return for spending cuts—cuts that never ultimately came—they did so
>at ratios of 3:1 and 2:1.
>
>"In 1982, President Reagan was promised $3 in spending cuts for every
>$1 in tax hikes," Americans for Tax Reform says of those two
>incidents. "The tax hikes went through, but the spending cuts did not
>materialize. President Reagan later said that signing onto this deal
>was the biggest mistake of his presidency.
>
>"In 1990, President George H.W. Bush agreed to $2 in spending cuts for
>every $1 in tax hikes. The tax hikes went through, and we are still
>paying them today. Not a single penny of the promised spending cuts
>actually happened."
>
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