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Response to NewJeffCT (Reply #7)

Sun May 26, 2013, 06:52 PM

36. It's 2001 in reverse.

In 2001 the federal "surplus" vanished because of tax cuts, increased spending, and decreased revenue. In about equal proportions.

In California the surplus is because of tax increases (when revenue growth curves were pointing up anyway), decreased spending, and increasing salaries that could be taxed.

In 2001 everybody picked the one cause they favored as the explanation for everything, when any one would do but all 3 were in effect.

So now I expect people to do the same. Those who like growing their way out of a deficit will point to increased earnings and taxable income. Those who like taxing people out of a deficit will point to increased tax rates. And people who like austerity will point to budget cuts.

After all, we're Americans and can only keep one thing in mind at a time. The idea of 3 simultaneous causes has got to be Nazi or French or something else dastardly.

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