They’re working up to voting on this even as I write this.
See my previous article on taxes. Some of this is covered there.
A 3.6 Trillion Dollar Budget. With an anticipated 1 Trillion Dollar DEFICIT each year for the next ten years. Given that there are approximately 138 million tax payers as of 2007. Let’s think about these things a bit.
$3,600,000,000,000 divided by 138,000,000 taxpayers equals $26,087 – for EACH taxpayer for THIS year. That’s an average as if everybody is paying the same.
Taxpayers making over $250,000 a year comprise about 2% of all taxpayers. So there are about 2,760,000 taxpayers in this category. And there are about 135,240,000 “normal” taxpayers.
If the ‘normal’ taxpayer pays around $6000 a year, then that’s a total of $811,440,000,000 paid by them.
That leaves $2,788,560,000,000 to be paid by the 2%, or $1,010,347.83 PER TAXPAYER making over $250,000 a year. This is ridiculous on the face of it.
That’s what happens if we pay for this year’s budget this year. Not very fair. In point of fact, probably not even possible.
Now, let’s think about the predicted One trillion dollar deficit per year, for each of the next ten years:
To keep it simple, that’s $7,246.38 per taxpayer in the U.S. It sounds like that’s not so bad, but this is the DEFICIT – this is the amount per taxpayer that the government is expected to spend each year that is NOT paid by by your taxes in the year it is spent.
At the end of ten years, then, we will have accumulated a debt of $72,463.80 for every taxpayer in the United States.
Oh, and on the totally contradictory side – Obama says that he will cut the deficit in half in this term as President. Go figure. (Oh yeah – that’s what I’ve been doing… figuring…)
UPDATE: Woops – it’s worse than I thought. I forgot to figure in the existing national debt. It’s already over $11 trillion dollars…
There is one caveat to my arithmetic – it assumes that Obama is going to keep his campaign promise of ‘no new taxes, not one dime, for anybody making less than $250,000’. But if the carbon cap & trade part of this passes, we will see a huge increase in the cost of electricity and gasoline which constitutes an indirect tax on the consumer – thus breaking that campaign promise. And in any case, the total tax burden is as listed above.
Health care reform, and carbon cap & trade, and education are all important and nice to have. But the fact is, we can’t pay for them.
Somehow, spending this money is supposed to ‘fix the economy’. Friends, Obama’s policy is not only unworkable, it will do more damage to the U.S. economy than anything that has ever happened to this country. So says nearly all economists that don’t work for Obama, even those in other countries. Apparently, the only economists that think Obama’s plan will work seem to be those that are on his payroll.
The thing that scares me most is that I believe that Obama knows this. Anybody that can run a spreadsheet can work this out. Clearly, Obama feels it is more important to push his socialist, liberal agenda through while he has a chance of doing so.
If we can’t reign this guy in, we’re going to spend the rest of our lives regretting it.