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Willisms

« 'Idiot Liberals' In Complete Denial | WILLisms.com | Quotational Therapy: Part 130 -- Claire McCaskill, On Funding For Veterans. »

Trivia Tidbit Of The Day: Part 422 -- Government Revenue Growth STILL Outpacing Outlay Growth.

Deficit Elimination Drawing Nearer, Without Tax Hikes-

Fiscal Year 2007 is now 5 months old, and the latest Monthly Treasury Statement is now out (.pdf). From October 2006 through February 2007, federal tax receipts were up 9.3% and expenditures were up 2.4%, relative to October 2005 through February 2006.

revenueoutlaysmts.gif

At this point last year, outlays exceeded revenues by 24.9%. This year so far, outlays exceed revenues by 17.0%. This is the same story we've seen, time and time again, since the Bush tax relief of 2003. Federal tax revenues keep rising faster than federal spending, month after month, year after year. All with no tax hikes.

If government spending had been frozen at (population growth + inflation), we'd almost certainly have surpluses today.

So, what are the top spending problem areas?

Big entitlement programs that are on auto-pilot, of course. The number one spending program, more than national defense: that's right-- Social Security.


-------------------------------------

Previous Trivia Tidbit: Trade Is Good.

Posted by Will Franklin · 12 March 2007 03:59 PM

Comments

We've been predicting this for a while... while the officials have been predicting doom and gloom.

Personally, I just can't keep up with all of these changing numbers... I wonder if you can do a graphic showing the difference between the Original Budget Deficit prediction, the REVISED predictions, and the actual deficit as it occurred?

If you can, would you? Please? ( I know, we are never satisfied, are we? )

Posted by: Mr. Morelock at March 12, 2007 04:36 PM

YA, Will... Good idea, Mr. Morelock!

Posted by: zsa zsa at March 12, 2007 04:59 PM

We need to increase taxes to fix the deficit and to correct the problems between haves and have-nots. Clearly we need to raise taxes on the rich.

The reality is that this demonstrates that if the goal of taxes is to cover government costs, we have a system that keeps getting better as we lower the marginal tax rates.

But that is not the goal. The goal is wealth redistribution and if we even think about reducing the rates of all taxpayers (and that includes the rich), we are failing at that goal. The goal is to ensure that the megarich like the Kennedy's, they Kerry's, Soros, and so on, stay megarich, but that we keep others from enjoying the fruits of their "income". We already tax dividends at a different rate than income. We have all kinds of loopholes that the megarich can use. The Democratic Agenda destroys the upper middle class (and for terms of comparison, that is Americans making above $100k combined household income).

We need two things--lower taxes and less spending. I am inclined to say start with the former and the increased revenues will make the latter less critical. We need to reform entitlements, but the Dems don't care about that either. Their understanding of economics and reality is sorely lacking.

Posted by: Justin B at March 13, 2007 03:13 PM