The site I obtained this chart can be found at the link for the title to the entry.
The chart proves up to 2000 the FISCAL STABILITY of the nation is intact. There is a severe decline from 200o to 2002. Those are the Bush Tax Cuts.
The lower revenues due to the Bush Tax Cuts ran for one year through 2003.
The increase in revenues resulted from congressional spending from the USA Treasury with every bill passing with a Republican House and Senate raising the debt ceiling annually "For a Nation at War.' The major banks were also racking in the money during those years.
In the year 2006, President Obama voted against the Debt Ceiling increase because he objected to the "Wars of Bush / Cheney" and he wanted the troops brought home and the wars to end with an exit strategy. He finished closing out the USA occupation in Iraq and is reducing the troop levels in Afghanistan THIS MONTH. His view of the wars never changed from the time he voted against the Debt Ceiling as a protest vote. It was going to pass anyway.
In 2007, the decline in USA Revenues begins which was the start of "The Great Recession." It was 2007 that banks started to close in numbers unfamiliar to the banking industry for decades. Of course "The Great Recession" was 'announced' in October of 2008 when the major banks could no longer continue their balancing act and required AIG to pay for their losses. AIG was unable to pay on that insurance as every major investment bank in the country demanded their insurance payments.
The decline in USA Revenue continued until 2009, when a new administration took office and turned the corner on the recession. We all know from recent experience the upward curve from 2009 through 2011 is due to government spending, incentives to business and a tax cut in the Recovery Act. The private sector is picking up and the curve should continue to improve. But, the question is not that the country has turned the corner, but, will it continue to do so since 2010 with elections of Republicans to the majority in the House and in the Governorships that cut NORMAL services and INFLATED services.
The nation needs to return to Pre-2001 Bush Tax Cuts and RECOVER from this misdirected law and policy of an administration that achieved their economic improvesments from using American Dollars in the treasury and raising the debt ceiling every year of that administration.
The USA unemployment rate for the year 2000 when Former President Clinton left eight years of USA economic growth, was 3.97%. The unemployment rate rose during the Bush/Cheney administration to a high of 5.99% in 2003 when the congressional spending for elections in 2004 began and sustained through the next five years. In never got below the rate of 4.61 up to 2007 and took a startling sharp rise in 2008 to 5.76. Again, this was the beginnings of The Great Recession and after October 2008 the unemployment rates spiked to 9.26 in 2009.
Above to the right are the Bush Tax Cuts that began the decline in USA Revenues. They are disproportionate and exploitative. You tell me where the decline of the USA's Revenue began if not the Bush Tax Cuts that sustained for years and then why The Tax Cuts have to be reversed and the reason is obvious. It also involves the Civil Rights of the Middle Class and the undue disproportionate tax burden.
In 1997, the revenues of the USA federal government were nearly equal its spending. In 1998 the USA revenues exceeded the spending of the federal government. That excess revenue continued through 2001 when the spending and the revenues went in opposite directions. The USA federal government expenditures kept climbing from then on and the revenues kept falling. There is a chart below.
The recent Past Presidents spending compared to revenues is like this:
Reagan expenditures were 4.2% of GDP over revenue.
Bush 41 expenditures were 4.0% of GDP over revenue.
Clinton had 0.8% of GDP of revenues greater than expenditures.
Bush 42 expenditures were 2% of GDP over revenue.
ENOUGH is ENOUGH and we need to remove the disproportionate tax cuts for the wealthy that never created jobs or served the people of the USA to control their sovereign debt.
The Republicans and Tea Baggers are dead wrong.
These TWO parties need to divide into separate parties and allow the USA to be government by reasonable people while the extremists get on with their own agenda. The Tea Baggers should have their own convention except they simply can't afford, nor, can they afford to run for office without the RNC.
