What happens if and when it doesn't?https://twitter.com/byheatherlong/status/943285526089601024 …
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Hold up...We cut the deficit in half by the mid-00s, post-Bush tax cuts. Reagan saw massive GDP growth, and don't forget, when we cut taxes by over $700 billion in the 90s, we balanced the budget the very next year...
Well, we have the answer to my question. Record surpluses in 2000 turned to deficits but then the deficits were cut in half. Clinton tax hikes captured huge revenues from economic boom, but Congress claims credit for a multi-year economic gains after 1 year.
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Deficit as % of GDP declined every year after 93 til reached surplus in 99. Deficit as % of GDP shot up in 83-84, didn't reach 82 levels until 96. https://www.usgovernmentdebt.us/spending_chart_1970_2020USp_XXs2li111mcn_G0f_Fifty_Years_of_Federal_Deficits_as_Pct_GDP …
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