Quote from L-Kabong:
The rise in revenue under Bush was principally in the years of 2005-2008 which was the height of the bubble economy attended by ridiculous money velocities that yielded easy revenue for government at all levels.
Now we are still in a delevering economy with low money velocity.
Low revenue with outsized obligations. Only a robust fuller employment economy accompanied by spending cuts is going to begin to line up the balance sheet.
Throw the bums out of office. Come Election Day, vote for neither Romney nor Obama. Write in the name of the man who can change everything: L-Kabong.
your analysis is strong. The fed has been screwing around with asset bubbles to make up for crazy govt spending for cycles.