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Raising taxes didn't do it. It was the horrendous hype generated by the dot com bubble. Having a net surplus was just a blip on the radar which quickly became u
by topmonk 9y ago
Raising taxes didn't do it. It was the horrendous hype generated by the dot com bubble. Having a net surplus was just a blip on the radar which quickly became unattainable as soon as the resulting crash.
- lsniddy 9y agocoupled with Alan Greenspan's promotion of home ownership which eventually led to the subprime collapse
- sheeshkebab 9y agoCapital gains tax was raised in late 80’s and 90’s.
- topmonk 9y agoI'm not denying that. I just don't think the explanation for why the deficit was eliminated was because of that.