Tuesday, August 2, 2011
It’s one thing to say that the current debt ceiling deal contains no revenue. It’s another thing to actually see this reality on a chart (click to enlarge) and compare it with previous deals. The chart above, displayed and discussed on the Rachel Maddow show, focuses on the ratio of cuts to revenue in past debt ceiling deals. In 1984 under Reagan, we actually had a deal providing 82% revenue. In 1990 under the first President Bush, 38% revenue. In 1993 under Clinton, 62% revenue. Next, we see President Obama’s early summer compromise: just 25% revenue if the Republican hostage-takers promise not to destroy the economy. The next bar shows the Republicans’ proposal earlier in the year for 15% revenue. Finally, we have the deal that was just agreed upon: zero revenue. That’s right, not one penny from the wealthiest Americans!