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| Home Front: Politix |
| Who'll Pay the Piper? Big government's big shortfall. |
| 2010-02-07 |
| from 2011 to 2020, the administration projects total federal spending of $45.8 trillion against taxes and receipts of $37.3 trillion. The $8.5 trillion deficit is almost a fifth of spending. In the last year (2020), the gap is $1 trillion, again approaching a fifth: spending is $5.7 trillion, taxes $4.7 trillion. All amounts assume a full economic recovery. The message: there's a huge mismatch between Americans' desire for high government services and low taxes. Second, almost $20 trillion of the $45.8 trillion of spending involves three programs—Social Security, Medicare (health insurance for those 65 and over), and Medicaid (health insurance for the poor). The message: the budget is mainly a vehicle for transferring income to retirees from workers, who pay most taxes. As more baby boomers retire in the 2020s, deficits will grow. Third, there is no way to close the massive deficits without big cuts in existing government programs or stupendous tax increases. Suppose we decided to cover all future deficits by raising taxes. Taxes would rise in the 2020s by roughly 50 percent from the average 1970–2009 tax burden. |
| Posted by:Nimble Spemble |
| #6 FEAR NOT, I SAY! TOPIX > TURKEY COMES TO THE RESCUE OF THE EU. versus WAFF > COME HOME UKRAINE|UKRAINED ELECTIONS CARRY GLOBAL RAMIFICATIONS [Potential Elex of PRO-RUSSIA,PRO-RUSS LANGUAGE-CULTURE Prez Candidate Victor Yanukovich opens the door for GREAT RUSS INFLUENCE IFF NOT DOMINATION OF THE EU VIA UKRAINE]??? HMMMM, HMMMM, MUSLIM TURKEY vs. COMMIES-FOR-FASCISM-FOR-COMUNISM RUSSIA. Read, [anti-US?]COMMIE, ISLAMIC COLLUSION ONA LARGER GEOPOL = MULTI-NATION LEVEL??? |
| Posted by: JosephMendiola 2010-02-07 23:27 |
| #5 there is no way to close the massive deficits without big cuts in existing government programs or stupendous tax increases. Or hyperinflation. Of course, we will get there by 'boiling the frog' increments. |
| Posted by: phil_b 2010-02-07 20:22 |
| #4 The legislatures (at all levels of government) have simply lost all respect for the taxpayers and the money they extract from the taxpayers. |
| Posted by: crosspatch 2010-02-07 18:37 |
| #3 Now read the Foxnews.com exclusive on the oversized WFP budget for Afghanistan, with the US paying 47% of their budget. It ain't gonna happen--better get prepared for massive social unrest. I just hope any stringing up at the lampposts target those really responsible, who will remain namelsess for the sake of RB, although we all know who I'm thinking of. |
| Posted by: Omoluque Hapsburg8162 2010-02-07 18:11 |
| #2 Who'll lose? Savers via inflation. Get into stuff with an inflation adjusting yield top protect return OF capital. |
| Posted by: Bright Pebbles 2010-02-07 17:12 |
| #1 We are Broke. |
| Posted by: Glamp Bonaparte2540 2010-02-07 10:27 |