The President proposes to spend $3.8 trillion of your money in the 12 months between October 1, 2010 and September 30, 2011. Some will focus on the $1.6 trillion deficit this will create just for the 2011 budget. We are told that amount of government spending is unsustainable, particularly when coupled with the $1.4 trillion deficit Obama gave us in 2010. But, to a simple person like me, it is hard to get my arms around these numbers.
What exactly is $3.8 trillion reduced to something I can understand? I did some research, and, what I found is not pretty, but, I can now put the President’s 2011 budget in perspective.
Using IRS income tax figures from 2006, let’s assume the government “confiscated” all of the taxable income from all taxpayers earning more than $75,000. That would mean that every single taxpayer earning more than $75,000 would be left with about $9,000 to live on. It would be somewhat more if you had dependents and could itemize your deductions. The rest would go to the government.
If that were done, the government would collect taxes of slightly over $4 trillion, barely enough to cover Obama’s 2011 budget, and, with what is left over, making little dent in Obama’s 2010 $1.4 deficit.
Of course, that was 2006 when unemployment was low and income was high. We don’t have that now. So, taking every taxable dollar from every taxpayer earning more than $75,000 probably wouldn’t come close to covering Obama’s 2011 budget. Forget the concept of “leaving debt for our children and grandchildren”, this debt is today, and we will have to pay for it today.
There is only one logical option. Government spending, much like our own has, must be reduced. No pork, no special interests, we’re talking about responsible leadership. Any member of Congress, regardless of their political affiliation, that doesn’t vote to cut spending by at least 25% has no business in Congress.
Remember that in November.