We are in a Spending-Driven Debt Crisis!
With the president and Senate Democrats AWOL in the short-term fight over the FY 2011 Continuing Resolution, I thought that it would be helpful to point out the very real crisis we face as it relates to the federal government’s spending habits over the long-term.
If Washington cannot exercise some control over its spending habits, this issue will negatively impact every American.
We Have A Debt Crisis Because Washington Spends Too Much, Not Because Washington Taxes Too Little.
Since 1946, spending has averaged 19.7 percent of the economy, and tax revenue has averaged 17.7 percent of the economy.
While tax revenues are predicted to remain near historic levels of the economy, spending is projected to rise to more than 80 percent of the economy, driving historic deficit and debt.
According to Stanford Economist John Taylor, simply to balance the budget in 2019 would require an immediate 60 percent tax increase across the board.
Can you afford a 60 percent tax increase?
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