http://www.treasurydirect.gov/NP/BPDLogin?application=npAlready, the GOP candidates are lining up to praise extending the Bush tax cuts.
In 1962:
68% of the budget was discretionary spending
06% of the budget was interest on the national debt
26% of the budget was mandatory spending
By 2006:
38% of the budget was discretionary spending
09% of the budget was interest on the national debt*
53% of the budget was mandatory spending
* That's 9% of a much larger number by 2006, too.
http://www.whitehouse.gov/omb/budgetcharts/02-05-07_presentation.pdfAlbert Einstein once said that compound interest is the greatest mathematical discovery of all time - he must have been a lender, rather than the world's greatest borrower.
- Dave
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