# @peterschiff on Instagram

- **Type:** Image
- **Original URL:** https://www.instagram.com/p/Cy1VQSVPZpW
- **Gondola URL:** https://gondola.cc/posts/9699783-peterschiff-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/thumbnails/3996a36e24.jpg
- **Posted:** 2023-10-25T19:20:39.000+00:00

## Caption

#US #debt was 119% of GDP in 1946. #Budget surpluses in 4 of the next 5 years reduced it to 68% by 1953, the largest was 4.3% in 1948, the equivalent to $1.16 trillion in today's #dollars. The same reduction today requires about $30 trillion of #tax #hikes and #spending #cuts by #2030.

In 1946 the #government didn't have to raise #taxes at all, or make cuts to domestic spending. Taxes had already been raised during the war to pay for it. So after the #war ended all the government had to do to create budget surpluses was cut war-time #military spending.

## Stats

- **Views:** 0
- **Likes:** 430
- **Shares:** 0
- **Comments:** 14

## Tags

spending, tax, war, budget, 2030, us, taxes, cuts, military, government, debt, dollars, hikes

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