For most of the last 20 or 30 years, both lines have been around 20% of GDP. During the end of the Clinton administration, revenues were a little above. That's when we had a balanced budget. And then The Bush tax cuts and the Trump tax cuts took us down to 16 or 17% of GDP. And the difference between that and that 20% number that's been relatively constant, that's the deficit. And so I think a more comprehensive discussion of this issue is really important. (51:21–51:27)
CLAIM
Asserts that tax cuts during the Bush and Trump administrations reduced revenues to 16-17% of GDP.
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