"generated on average 1% annual growth in GDP" Because 25 cents out of every tax dollar is going to interest on the national debt due to 50+ years of deficit spending. Obama is using supply-side economics just like Reagan, It was a presumptious to think it would work back then and its still a crappy idea. You need strong organic economic growth upwards of 10% annual growth for it to work. The GDP is growing at about 3% right now. So the answer is raise taxes and cut spending.
The government budget has always been in the 18 to 20% range of GDP with the deficit between it and receipts in the 2 to 3% range. Except when Gingrich ran congress and there were surpluses. But we've had average growth of 5% with those numbers.
Bonobo's and the libs budgets the last 3 years are 25% of GDP and receipts are in the 15% range for deficits of about 10% accompanied by negative to very low growth in GDP in spite of all of the record spending. Because the libs fell for Romer's theory that for every dollar spent on welfare there was a $1.60 return. Turned out to be bs. It's more like a $0.20 return for every buck given away on unemployment and union worker welfare benefits.
Entitlements make up 75% of the budget. We need to cut them, not add to them as the libs have had a habit of doing for the last 50 years.
I am all for ending entitlements. Social Secuirty needs to go. It has always been a ponzi scheme. Those deadbeat baby boomers don't deserve squat. They have bankrupted the country with a steadfast refusal to fund the government services they have recieved.