President Obama, speaking in Florida yesterday, said that he cut taxes for 95% of Americans (messing with the tables one year and making it up the next and “paying” for the rest by raising taxes on future generations isn’t “cutting taxes”), and that instead of Tea Partiers complaining, “you’d think they’d be saying ‘thank you’!”
By all estimates, the budget outlook is daunting. The latest projections of the Congressional Budget Office reckon the cumulative deficits under President Obamaâ€™s policies to be $12.7 trillion from 2009 to 2020. In 2020 the estimated annual deficit will be $1.25 trillion, or 5.6 percent of the economy (gross domestic product), despite assumed â€œfull employmentâ€ of 5 percent. And the deficits get larger with every succeeding year. Given unavoidable uncertainties, these precise projections are likely to prove wrong. But their basic message seems incontestable: thereâ€™s a large and growing gap between the governmentâ€™s promises and the existing tax base.
How big a tax increase would be needed to close the gap? Well, huge. To put things in perspective, all federal taxes (income, payroll, and excise) averaged 18.1 percent of GDP from 1970 to 2009. Under CBOâ€™s assumptions about Obamaâ€™s policies, taxes in 2020 would already be slightly higher, at 19.6 percent of GDP. But on top of that, thereâ€™d need to be a further tax boost approaching a third to balance the budget, because spending is projected at 25.2 percent of GDP. Needless to say, this would be the largest tax burden in U.S. history, even including World War II.
Yeah, thanks a lot. The president forgets that Tea Partiers are better educated than most, so they’re not likely to be handed a turd, be told its gold, and believe it. Of course, Obama’s statement isn’t intended to persuade Tea Partiers, but rather reinforce the votes of the spiral-eyed, Twinkie-brained handout-seekers who don’t know Hope from Shinola.
Isn’t this guy supposed to be President of the United States? Suddenly a good portion of the country is “they”… The problem is that almost 100% of those “theys” are active voters, and Obama and the Democrats will get the same “thank you” from voters in November that voters are getting from them now.
Here’s Mr. Humility wondering why we’re not bowing at his feet: