Simpson:"Tax increases are necessary"

[Sbane]

what was the %GDP of federal income tax in jan 1981 compared to jan 1989?

Fiscal Years 1980 to 2016         
Total Direct Revenue      Total Direct Revenue -fed   
      pct GDP   
1980      18.55   
1981      19.17   
1982      18.99   
1983      16.99   
1984      16.95   
1985      17.4   
1986      17.25   
1987      18.04   
1988      17.83   
1989      18.08   

so the economy boomed while federal taxes shrank....just as I thought it did.  the 1986 tax reform took away deductions for second mortgages, which is probably why you see an increase of ~1% following 1986

What happened to debt during the 80s?

There's been enough BS. Spending needs to be cut and taxes need to be raised. Nothing else will work. A full blown debt crisis is easily avoidable for a country of our size and we need to get serious about it now.

[Sbane]

Or, we could maybe stop fighting some of those three wars we currently have going on. Maybe learn from the past and not get in them in the first place. But what do I know?

Yes, getting our expenditure on defence as a share of GDP down from  nearly 5 to about 3% is necessary as well. Too bad both parties like bombing things.

[Sbane]

what was the %GDP of federal income tax in jan 1981 compared to jan 1989?

Fiscal Years 1980 to 2016         
Total Direct Revenue      Total Direct Revenue -fed   
      pct GDP   
1980      18.55   
1981      19.17   
1982      18.99   
1983      16.99   
1984      16.95   
1985      17.4   
1986      17.25   
1987      18.04   
1988      17.83   
1989      18.08   

so the economy boomed while federal taxes shrank....just as I thought it did.  the 1986 tax reform took away deductions for second mortgages, which is probably why you see an increase of ~1% following 1986

What happened to debt during the 80s?

  that was more of a result of a double dip recession

So the recession caused the debt but a "boom" wasn't able to bring us back to even? The 90's boom did.....I wonder why. Something Clinton did in 1994 that was also quite unpopular perhaps?