View Single Post
Old 01-02-2013, 07:58 AM   #11
Act of God
Registered User
 
Join Date: Dec 2004
Location: NY
Posts: 335
My Ride: Beach Cruiser
Send a message via AIM to Act of God
Quote:
Originally Posted by bimmerfan08 View Post
There probably won't be any spending cuts...
In 1982, President Reagan was promised $3 in spending cuts for every $1 in tax hikes,” Americans for Tax Reform says of those two incidents. “The tax hikes went through, but the spending cuts did not materialize. President Reagan later said that signing onto this deal was the biggest mistake of his presidency.

In 1990, President George H.W. Bush agreed to $2 in spending cuts for every $1 in tax hikes. The tax hikes went through, and we are still paying them today. Not a single penny of the promised spending cuts actually happened.”
__________________

Herbert Camacho '16

"Every age has its peculiar folly: Some scheme, project, or fantasy into which it plunges, spurred on by the love of gain, the necessity of excitement, or the force of imitation." - Charles Mackay Extraordinary Popular Delusions and the Madness of Crowds (1841)
Act of God is offline   Reply With Quote