OP
OP
- Awards
- 16
At 50 I could do somethings. by the 60s not so much 
Topic of the Day
- Thread starter madmadworld
- Start date
OP
OP
- Awards
- 16
EDITORIAL: Message to Washington: It’s the spending, stupid!
Even a double-digit jump in revenues isn’t enough to stem the red ink.
www.reviewjournal.com
The Biden-Harris administration wants the public to believe the country is in great shape economically. Yet the budget deficit tells a story of unsustainable spending.
In the past fiscal year, which ended on Sept. 30, the federal government doled out $1.83 trillion more than it took in. That red ink boosted the national debt to well more than $35 trillion.
Last year, the federal government realized almost $5 trillion in revenue. That was an 11 percent increase over the previous year, or around $480 billion. Individual income tax collections jumped by 11 percent. Collections from corporate income taxes soared by 26 percent.
There’s a lesson here. Lower tax rates can boost tax collections if they increase economic activity. A growing economy can send tax revenues soaring.
More federal tax revenue, however, can’t fix the what’s driving the debt and deficit — ever-higher spending. Last year, outlays soared by almost $700 billion. Total federal spending was $6.75 trillion, according to The Wall Street Journal.
It’s virtually impossible to fathom numbers that large, so here’s some context. In 1974, total federal spending was under $270 billion. In 1994, it was $1.46 trillion. In 2004, it was $2.29 trillion. In 2014, it was $3.51 trillion. Those statistics are from The American Presidency Project at UC Santa Barbara.
Federal spending is about 25 times higher today than it was 50 years ago. It’s almost double what it was just a decade ago.
If you really want to be shocked, consider 1934 when federal spending was $6.5 billion. The federal budget is around 1,000 times bigger than it was 90 years ago. This is exponential growth.
- Awards
- 18
It's the never-ending wars that we squander taxpayer dollars on. The CIA is a private army used for corporate intimidation overseas like in Syria's oilfields right now but all over the world and on top of that they have curated taxpayer money for the censorship & surveillance industry, further bloating the debt to the point the dollar is at an all time low in the world. And still falling as BRICS is gaining momentum and will fall further when they become a global force.
Our failed leadership can't seem to grasp the idea that we need to stop paying for the wars, surveillance & censorship and payoff debt or taxpayers will suffer the consequences. Not them. They could give a rats ass.
Our failed leadership can't seem to grasp the idea that we need to stop paying for the wars, surveillance & censorship and payoff debt or taxpayers will suffer the consequences. Not them. They could give a rats ass.