According to The Foundry Heritage Organization blog, a chart created by the Center on Budget and Policy Priorities (CBPP) has been circulating among liberal bloggers such as Ezra Klein, James Fallows, and Andrew Sullivan.
The counter argument is that the chart purports to show that the next decade’s deficits are entirely the result of the 2001 and 2003 tax cuts, wars, bailouts, recession, and stimulus.
No one can dispute that the Bush tax cuts, the Iraq and Afghanistan wars, stimulus/bailouts, and economic downturn can equal the sum of the deficit. One could also single out Social Security and Medicaid (combined cost: $13 trillion) or discretionary spending ($15 trillion) for blame. All costs are factors adding to the deficit and the mounting national debt.
The solution is economic growth but CRITICALLY simultaneous BROADENED OWNERSHIP CREATION to empower EVERY American to acquire private, individual ownership in future income-producing productive capital assets embodied in the non-human assets of companies such as human-intelligent machines, superautomation, robotics, digital computerized operations, productive land, structures, etc. Their acquisition needs to be paid for out of the future income streams (profits) of the investments themselves, and not rely on people having to pledge savings (equity), and the investments insured through capital insurance and government reinsurance backed by the Federal Reserve Bank. This will result in simultaneous productive capital growth and consumer earnings to support the buying of the future products and services produced as a result of the investments. You cannot have mass production without mass human consumption. It is the exponential disassociation of production and consumption that is the problem in the United States economy, and the reason that ordinary citizens must gain access to productive capital ownership to improve their economic well-being.
If we fail to broaden future productive capital ownership then we will continue to experience long-term revenue decline and greater dependency on taxpayer- and debt-supported government welfare, open and concealed.
http://blog.heritage.org/2011/05/13/liberal-think-tank-fails-statistics/
