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by Ben Shapiro21 Nov 2012158post a comment
According to Michael D. Tanner of the CATO Institute, America isnt just headed for a fiscal cliff we flew off it long ago like Thelma and Louise thanks to our out-of-control spending habit. Tanner writes: federal spending is set to rise to 46 percent of GDP by 2050. When you add in state and local spending, government at all levels will be consuming more than 60 percent of everything produced in this country. We cannot long remain economically productive or personally free with a government of that size.
That vast spending increase makes every fiscally responsible suggestion by President Obama into a laugh line. Obamas $1.6 trillion tax hikes wouldnt cover even one fifth of the projected deficit; it wont even cover his proposed spending increases. And as for Social Security and Medicare, which are massive unfunded liabilities, that cost clocks in at a hefty $78.5 trillion to $128.2 trillion. You could confiscate not tax but confiscate every penny belonging to every millionaire and billionaire in America, says Tanner, and still not have anywhere near enough money to pay for all that we owe.
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Study: By 2050, 60% of American Production Will Go to Government
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by Ben Shapiro21 Nov 2012158post a comment
According to Michael D. Tanner of the CATO Institute, America isnt just headed for a fiscal cliff we flew off it long ago like Thelma and Louise thanks to our out-of-control spending habit. Tanner writes: federal spending is set to rise to 46 percent of GDP by 2050. When you add in state and local spending, government at all levels will be consuming more than 60 percent of everything produced in this country. We cannot long remain economically productive or personally free with a government of that size.
That vast spending increase makes every fiscally responsible suggestion by President Obama into a laugh line. Obamas $1.6 trillion tax hikes wouldnt cover even one fifth of the projected deficit; it wont even cover his proposed spending increases. And as for Social Security and Medicare, which are massive unfunded liabilities, that cost clocks in at a hefty $78.5 trillion to $128.2 trillion. You could confiscate not tax but confiscate every penny belonging to every millionaire and billionaire in America, says Tanner, and still not have anywhere near enough money to pay for all that we owe.
all of it here with comments
Study: By 2050, 60% of American Production Will Go to Government
