Running in the red: How the U.S., on the road to surplus, detoured to massive debt – The Washington Post

Posted by Trish Riley, May 6, 2011

The federal government has defunded many environmental protection and restoration initiatives. The EPA itself has been emasculated and is in danger of extinction. I can’t understand why more people don’t see “trickle down” economic policies for what they are – regressive social engineering used to transfer more wealth from the poor to the rich. Cutting taxes on the top income earners does not create more jobs; instead it takes money from the government, leaving less to provide essential services to citizens.

The nation’s unnerving descent into debt began a decade ago with a choice, not a crisis.

In January 2001, with the budget balanced and clear sailing ahead, the Congressional Budget Office forecast ever-larger annual surpluses indefinitely. The outlook was so rosy, the CBO said, that Washington would have enough money by the end of the decade to pay off everything it owed.

via Running in the red: How the U.S., on the road to surplus, detoured to massive debt – The Washington Post.

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