Sunday, December 16, 2007

The Fiscal Catastrophe of Extending the Bush Tax Cuts

The first figure shows two projections. The top line is federal tax revenue expansion as a percentage of GDP if the Bush tax cuts are allowed to die. The bottom line shows their impact if they're extended.

In this figure, we see which factors have the worst impact on the projected fiscal liability of the federal government, with three major entitlements stacked up against the projected revenue losses caused by extending Bush's tax cuts.

And ALL of the Republican candidates for president ARE IN FAVOR of the insanity of extending these tax cuts and in fact want MORE tax reductions. I guess the predicted $11,000,000,000,000 national debt by 2010 is a non-issue for them. Maybe they won't be happy until America is financially ruined.
That seems to be their goal.

(By the way, read the whole item here.)

1 comment:

Daedalusx007 said...

At the rate the debt is increasing it might get to 11 Trillion well before 2010.

It's already at 9 Trillion, and the war isn't helping.