The factors that took the country from surpluses 10 years ago to deficits today aren’t, for the most part, those that are constantly maligned by the media and political parties — bailouts, stimulus spending, earmarks, bridges to nowhere, foreign aid, and social causes.
It’s simpler than that. We had massive tax cuts, two wars, and a giant recession. It’s difficult to take seriously any deficit-reduction proposal that doesn’t take these into consideration. Something to think about.
I think this is dead on. You can, and I think should, read the abnormally interesting and clear discussion the leads to this conclusion on The Motley Fool website. The piece is by Morgan Housel.