Hogberg calculates that had spending from FY1998-2012 increased consistent with population-plus-inflation growth, revenues would have exceeded spending by $177 billion – a net budget surplus! Instead, because of the dramatic increase in spending, the federal government racked up an additional $6.7 trillion of new debt.
Every objective observer knows that the elephant in the room is the out of control rate of spending increases over the last many years. True to form, however, Washington – and particularly Barack Obama - is laser focused on who they can raise tax rates on and by how much. Their efforts would be better directed at putting the Spending Genie back in the bottle.
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance: William's Edge Webinar for December 19th, 2014 | John Ransom
In Other News: New Captain America Will be Black; Racist Liberals Suddenly Become Fans | Michael Schaus
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for December 17th, 2014 | John Ransom
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for December 15th, 2014 | John Ransom