Debt/deficit

It's becoming very popular to warn over the increasing US national debt/deficit looking into 2009, but almost all the articles are coming with an ill-expressed spending bias. Almost everyone of these articles highlights that the (Democrat assigned) stimulus and spending efforts will raise the deficit/debt.

But, I think it's equally important to note that this disastrous economic year will also put a rather large stamp on the revenue side. With the market and other losses this year, wealthier Americans, who pay a huge amount of the income taxes, will be able to find losses and offsets to substantially lower their tax payments. Also, you gotta figure that corporate receipts will also be down substantially.

My point being that this debt "time bomb" should not be automatically assigned to the spending packages (which are now being attributed to Democrats.) Not only did the Bush administration push out the first $700 billion in TARP debt, but they were also the stewards of the economy that led to next year's disastrous revenues.

There's enough blame to go around, but I have a fear that all the debt complaints will end up on the Democrats doorstep.