Lets look at reality instead of political bologna....

 In pictures.......

So...... You can see that revenues fell during George W. Bush's  first couple of years as the internet bubble deflated and the nation experienced a recession associated with September 11th.  Then he cut marginal tax rates and viola! revenues rose.  We can also see that despite spending on the wars, the budget imbalance was relatively small. 

Then, what caused the financial crisis of 2008?  Was it the tax cuts from 2003?  Or was it decades of terrible housing policy that subsidized home ownership causing people to buy more house than they should?  Was it forcing financial institutions to offer and hold housing loans to people that were not credit worthy?  Was it forcing government agencies to hold these loans?  Was it government so involved in directing these economic sectors that there was no competition and no one else to take up the slack when they failed?  Was it tax subsidies that raised prices above where they would have been in a competitive environment increasing economy wide leverage and increasing price volatility?

We have become a foolish people.  We believe that the leviathan in Washington can create wealth or a better life by seizing one person's assets and redistributing it to others.  And we are fooling ourselves when a long time ago, we took advantage of the low hanging fruit that seemed to be not be so costly since once we give government the tools, they never stop and keep taking over more-and-more.

Good luck USA.  You have allowed and even encouraged the leviathan in Washington to corrupt your economics, corrupt your churches, corrupt your families and corrupt your people.  The troubles that will face you are squarely your responsibility and the fault is with you.