0


Budget “in Pictures” Draws Gloomy Economic Future for US

author: kprice 5:46 am EST May 8, 2012
By US Daily Review Staff. Without swift policy changes, America faces unprecedented government spending, debt and taxation in 2013, according to the newly released graphics from The Heritage Foundation's2012 Federal Budget in Pictures series. While tax revenue levels have been low for the past few years as America struggled to recover from the recession, they are set to explode past 20 percent of the economy beginning next year. That's when the 2001 and 2003 tax cuts could expire and new Obamacare taxes will begin. The tax graphic is part of a series of charts that Heritage annually updates and releases as an informative book, illustrating the nation's government spending, tax rates, entitlement growth and rising debt. At the same time that Americans face what The Washington Post calls "Taxmageddon," Washington's federal spending continues to rise above unsustainable levels. This year, the federal government will spend about $30,015 per U.S. household. That figure is projected to shoot up to $34,602 in just 10 years. "We cannot afford high taxes and spending on top of unprecedented deficits and debt," says Emily Goff, Heritage research associate and co-author of the Federal Budget in Pictures. The Obama administration has failed to propose the necessary cuts to rein in spending and bring down deficits, which have far outpaced previous administrations. While past presidents have overseen deficits that historically averaged about 2 percent of the economy, President Obama has run deficits averaging at 8.3 percent of the gross domestic product. This has driven up every American's share of the debt to $36,267 in 2012. By 2036, this figure would be nearly the same as medical school tuition at $135,547—only without a degree to show for it. "The major entitlement programs—Medicare, Medicaid and Social Security, as well as Obamacare—drive so much of our runaway spending and future deficits," says Romina Boccia, Heritage research coordinator and co-author. "Congress won't get a handle on our twin fiscal crises until it begins work on true entitlement and budget reforms." The online Federal Budget in Pictures lets visitors download, post, and e-mail any of the graphics. It also provides links to relevant Heritage research and tools for bookmarking, embedding and information-sharing through Twitter, Facebook and RSS feeds. According to a statement, "The Heritage Foundation is the nation's most broadly supported public policy research institute, with more than 710,000 donors. Founded in 1973, it develops public policy solutions that advance free enterprise, limited government, individual freedom, traditional values and a strong national defense." Sponsored: Get a free copy of Kevin Price's best selling book, How Many Revolt's Required. Endorsed by Dick Armey and others, simply send email info@usdailyreview.com! State "free book" on the subject line.

The opinions expressed in the columns written by US Daily Review's writers only reflect the opinion
of the individual writer. If you disagree with something, we invite you to engage our writers and carry
on a thoughtful dialogue.

Leave a Reply

*

Commnet

EcoPlus is powered by PlusCaptcha.



Get educated about retirement
You'll thank yourself later.

Open and fund an IRA today
+get upto $600. >
replay
More Stories Updated  

Apr 24, 2014 . 0  Comment

By USDR     Boosted by unexpected media support, and rave reviews from book reviewers and web bloggers, Nashville-based author Tom Templeman continues to pile up sales with

Read More...

Apr 24, 2014 . 0  Comment

By USDR     Oklahoma Insurance Commissioner John D. Doak, along with insurance regulators from 43 other states, went to Washington, D.C. Thursday to voice concerns about upcoming

Read More...

Apr 24, 2014 . 0  Comment

By USDR       The Deloitte Consumer Spending Index (Index) dropped half a point in March, but continues to indicate positive conditions for consumers.

Read More...

Apr 24, 2014 . 0  Comment

By Christina Tobin, Special for USDR     For too many years, journalism seemed to have lost its bearings and lost sight of the crucial

Read More...