B4 said yesterday, with similiar comments from Kwave -
"the Great Pivot is at hand!"
How we fell into the spending deficit pit (hint: it had something to do with supporting the stock market ):
The Tax-Cut Pendulum and the Pit
In 2002, with midterm elections approaching and the nation edging toward war in Iraq, President Bush's economic team divided into opposing camps, with one side worried about rising budget deficits and the other pressing for tax cuts to stimulate a stagnant economy.
One group, led by Treasury Secretary Paul H. O'Neill and White House budget director Mitchell E. Daniels Jr., watched anxiously as the government's 2002 balance sheet swung from a record $313 billion surplus projected when Bush took office to a $157 billion deficit projected that August. How could the president demand fiscal discipline from Congress, they argued, then push expensive reforms of Social Security and the tax code if he continued cutting taxes?
Deficits would have little if any effect on the economy, they assured Bush, but if the president wanted to halt the stock market's slide and prop up incomes, he had to cut taxes more.
Rules: Doc says - "... discussion of politics and world affairs on this thread is permitted, but 911 conspiracy discussions are off limits."