Flashback:Budget Cuts Created Surplus 9 Years in row

Newsalert ^ | April 23, 2011 | Steve Bartin

[Tom Rounder]

Warren Harding cut the federal budget 48% from 1920 to 1922 leading to a booming economy. When Harding started his budget cutting ,America was in depression. President Coolidge continued the fiscal prudence. Coolidge's 1928 budget was smaller than the 1922 budget , the year Harding died! Nine years in row of budget surpluses . No comment on any this from the "historically" challenged Paul Krugman.

[Tom Rounder]

Check out the amazing table in this one of tax receipts, spending , and surpluses. You might want to bring this up the next time you want to confuse a liberal with the facts.

[jimpick]

Not just surpluses but extremely low unemployment as well.

[Let_It_Be_So]

Thank you for posting this info.

 

Although the economic principles remain, the degree of difficulty in balancing the budget today is greatly increased by allowing a substantial portion of our budget to be comprised of the major entitlements (social security, medicare and medicaid) and interest on the national debt.

 

Absent some kind of structural spending restraints coupled with entitlement reforms and tax system reforms, I don't hold out much hope for this matter to be resolved any time soon.

 

Not impossible, but much more difficult.  Are American voters up to the task of "making" the elected representatives do the "right thing"???

 

The election of 2010 was a hopeful sign, but the electorate must "finish" the job of getting the right leadership in power via the elections of 2012 and 2014.

 

Interesting and turbulent times are ahead.  At the end of the next few years, we very well may have the answer to Franklin's challenge contained in his pronouncement that the constitutional convention gave us a Republic, IF YOU CAN KEEP IT. 

[FreeAtlanta]

We need to put spending levels back to Clinton Era. Maybe 1999 or 1992. Or even go back to Bush 1 or Reagan or Carter era. It sure would be great to really eliminate our national debt.