There’s a lot of talk about debt and deficits these days, but we’re not the first.
“Higher taxes would not mean lower deficits. If they did, how would we explain tax revenues more than doubled just since 1976, yet in that same six-year period we ran the largest series of deficits in our history? In 1980 tax revenues increased by $54 billion, and in 1980 we had one of our all-time biggest deficits.”
Ronald Reagan January 26, 1982 First State Of The Union speech
No matter how much you might reject the law of gravity, it still exists. There’s something we can learn from that.