beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,407
But some spending was needed. The country was literally crumbling and falling apart.
but the spending didnt stop, it went on even when the cycle turned and was projected out 5-10 years into the future. an economic miracle had been found - ever increaseing house prices fulling consumer spending, low inflation, lowish interest rates what would last forever. when the deficit growth receded due to GDP rising above expectation around '06-07, that was taken as a cue to spend more, rather than an opportunity to lock in the benefits of good years to reduce the deficit, and hopefully one day the debt.