Could you provide examples of "no business being involved in?" About $1 trillion's worth if you can.
We were not running $1 trillion deficits twenty five years ago after the stock crash of 1987, when tax rates were lower than they are today, so obviously there is a spending problem. We are clearly spending more than we need to on areas where the government should be involved (e.g., national defense and Medicaid). Giving out $500 million loans to politically-connected fly-by-night operations is probably just the tip of the iceberg. Who knows what the next administration will uncover?
Tax rates were not lower then than they were today. Even if somehow they were, the Reagan Tax bill in 1986 flat-taxed the Romney bracket earners and he would have paid an effective 28% on all income no more, no less--as opposed to just the 15% he paid on TOP income.
The reason we have deficits today is because people like Romney, who likely isn't even in the top 100,000 richest Americans paid only half the income tax they did 25 years ago.
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