----- Original Message ----- From: "Grant Lee" <grantlee at iinet.net.au> To: <lbo-talk at lbo-talk.org> Sent: Tuesday, June 29, 2004 8:19 PM Subject: Re: [lbo-talk] Low Taxes Do What!?
Doug wrote:
> What a pile of crap.
>
> Here are the CBO's estimates of "standardized" revenues, outlays, and
> deficits as percent of GDP, from 1980-1990. Standardized means
> adjusted for the business cycle and various technicalities/anomalies.
> Note the big decline in revenues, the rise in outlays, and the
> expansion of the deficit, from 1980-86.
>
> revenues outlays deficit
> 1980 18.8% 19.2% -0.3%
> 1981 19.5% 19.9% -0.4%
> 1982 19.2% 20.3% -1.1%
> 1983 17.8% 20.8% -3.0%
> 1984 17.1% 20.8% -3.7%
> 1985 17.2% 21.6% -4.3%
> 1986 16.8% 21.7% -4.8%
> 1987 17.3% 20.7% -3.4%
> 1988 17.4% 19.9% -2.5%
> 1989 17.5% 19.7% -2.2%
> 1990 17.4% 19.5% -2.2%
OK, something like these figures would have been my impression before I read the article.
But is Sowell correct about rising revenue in $ terms being outstripped by congressional initiatives? My impression was that the White House led the charge with defence spending, as Travis Fast has already said.
regards,
Grant.
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D E C E M B E R 1 9 8 1 The Education of David Stockman [Reagan's Budget Director] "None of us really understands what's going on with all these numbers." by William Greider http://www.theatlantic.com/politics/budget/stockman.htm