Taken from the Real Estate Center, Texas A & M, Dr. Mark Dotzer,
"Drum roll, please! Now for the answer to the question posed by the authors. Where did the deficits come from?
This analysis suggests that the increase in the debt over the period 1975—2007 was not only a consequence of increased government spending without increased revenues, but also that the government increased payments to individuals through Social Security, Medicare, and other payments without sufficiently reducing spending elsewhere in the budget.
In short, these trends, as the CBO’s recent Long-Term Budget Outlook makes clear, will continue to strain federal, state, and local budgets as they consume an ever larger percentage of federal spending dollars.
Despite what some of our leaders in Washington say, balancing our budget and living within our means will require big changes to Social Security and Medicare."
If you care to read the entire blogpost, click here, http://blog.recenter.tamu.edu/2011/07/where-did-the-huge-deficits-come-from/#more-149
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