The skinny on deficit math: Clinton-era spending levels have to ride in tandem with Clinton-era tax rates

I so wish I had the utmost confidence that Democrats and Republicans will soon stop doodling and start wrestling that dyspeptic alligator otherwise known as that dreaded fiscal cliff.
But I don’t. And it’s not just because partisanship is imprisoning us in a time of meanness and darkness.
I’m dubious because a microbe’s cunning is not lurking inside any of them when it comes to explaining just how we can return to Bill Clinton-era tax rates without slicing spending to Clinton’s levels.
According to official government figures, the feds collected revenues totaling 20.6 percent of the gross domestic product in 2000, the final full year of Clinton’s term.

Under Obama in 2012, however, Washington spent money at a near-record rate of 24.3 percent of the GDP.

Even with all of Clinton’s tax revenues, that still would have left a deficit of 3.7 percent of GDP.

Simply put, Uncle Sam has to cease spending money as if everybody in America is celebrating birthdays every day and everybody is invited.
Kapish?

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