Comment by Jim Campbell, Citizen Journalist, Oath Keeper and Patriot: “The good news? None of the Obama’s budget proposals have ever come close to passing Congress, including when the Democrats held the House and Senate during Obama’s first two years.
So it’s incredibly improbable that this one will, either. But it does give insight into what he wants to happen. Thank God, the Constitution doesn’t allow presidents to use their pens to simply sign budgets into law.”
Warning: This contains a bunch of mind-boggling gigantic numbers that we’ll try to make understandable!
The non-partisan Congressional Budget Office just released its analysis of the budget proposal that President Obama presented last month. The result: it would yield the highest level of sustained taxation in the history of the country. Over the next 10 years, taxes would grow from 17.6% of gross domestic product to 18.7%. As current GDP is just under $17 trillion, that means annual taxes would be $3.1 trillion, or $9,804 for every American.
Here’s a graph showing taxes as a percentage of GDP since 1930:
In addition, the federal debt would increase by $7.2 trillion over that time. That’s like saying the debt will increase by $82.2 million per hour for 3,650 days or $22,831 per second, over the next 315 million seconds.
This graph shows what the debt increases would look like over the next ten years:
Some historical perspective:
- From 1930 to 1941 (preceding the attack on Pearl Harbor) taxes averaged 5.3% of GDP
- During World War 2 the average was 16.1%
- From 1946 through 2013 taxes averaged 17.1%
- From 1992 through 2013 taxes averaged 18.3% (note that the federal budget was balanced from 1998 – 2001)*This was the direct result of Hillary Clinton’s failed attempt to push forward her socialized medicine plan at the time dubbed, “Hillary Care.”
- As a result the Republicans took back the House of Representatives, the first time in over forty years, turning it over to Newt Gingrich, Speaker of the House. His contract with America forced Bill Clinton to move toward the center, taxes were cut and predictably economic growth followed.
- Revisionist historians like Howard Zinn, would have you believe that the balanced budget was the result of William Jefferson’s policies when nothing could have been further from the truth.
There is a classic scene in Dinesh Souza’s movie “America.” Tony Soprano’s son is reading out loud from the history book by Howard Zinn and Tony isn’t buying anything the son is telling him.
The son said, “It’s true, it says so in my history book and my teacher is teaching us the same.
If you haven’t seen the Soprano’s it’s a serious comedy about the mob with Tony Soprano being the mob boss.
One get’s the distinct impression, the elder soprano is about to grab a baseball bat, go down to the school board in set the historical record as he knows it straight by crushing some skulls.
Nothing much seems to have changed among the so-called academics in our universities.
More at IJReview
Disclaimer: This article was not written by Lorra B.