via theatlantic.com
Any discussion of the causes of America's public-debt problems, or any discussion of the solutions to it, that is "spending only," and excludes the role of revenues -- for instance, the discussion that raged through Congress last week -- is a pointless and unrealistic discussion. It is historically ignorant and economically fanciful. You'll note, for instance, that the last time the federal budget was in surplus, 11 years ago, total taxes were higher than they are now. That doesn't prove anything about future policy but is a crucial fact to grasp.
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