Yesterday, I posted a graph denominating debt share by presidents who created it. Debt to GDP is non-partisan. You know, who "built it", passed the law or created the conflict, gets credit for it!
Future U.S. Debt Obligations
Below is a graph including future debt obligations based upon past and current policy/obligations. Budget projections were assessed by non-partisan CBO, Congressional Budget Office.
The King Has No Clothes
While there could be debate on the necessity of both wars and TARP, tax cuts largely a benefit to corporations and high income earners are/were not a necessity. Unless record poverty and record inequality is your goal... simply put, a large and stable middle class is the best economic environment. Furthermore, Bush era policy, (not including Medicare Part D and the higher drug costs it helped create) Wars and Tax cuts, are the largest debt obligations saddling future generations.
What did America get for the handout to the rich? Lower GDP growth, economic collapse, and higher current AND long term debt.!
Middle Class Matters
More spenders who spend a larger percent of their overall income. Though savings rate matters as well as the debt bubble accumulated in the private sector, consumption accounts for 70% of the GDP. High incomes spread throughout the general economy tends to snowball consumption and stimulates the economy longer term.
Chart Credited
CBPP created the chart using CBO budgetary analysis. CBPP is a progressive, non-profit with the goal to analyze fiscal policy and it's effects on lower income and middle class households.
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