23 Mar 2015

Graph Shows that All Tax Revenue Will Go Towards Entitlements and Net Interest by 2031


Time to mark your calendars for 2031, folks.
Because that’s when all tax revenues collected by the United States will have to go toward covering the rising costs of entitlement programs and interest on the national debt.
According to a report from Heritage, all projected tax revenues will go towards entitlements and interest on the debt by 2031. Entitlements include health care (Medicare and Medicaid, including CHIP and Obamacare) and Social Security.

The conservative solution: Entitlement reform, which means reducing how much we spend on the unconstitutional endeavor to guarantee, not promote, the general welfare.
The liberal solution: Tax and spend our way into prosperity, which is like standing in a bucket and trying to pick it up.
chart
The Heritage Foundation is one of the most trusted sources out there.
But if anything, their projections are likely to be too liberal. That is, the economic shortfall may end up getting here sooner than 2031.
Consider the current trends in American public opinion. Unlike in Europe, where wider entitlement protections are bought at the expense of higher tax rates, the United States generally opposes raising taxes, yet favors increased government spending on entitlements.
These are two contrary opinions that American politicians have been trying to reconcile for decades.
But it’s impossible to square the circle, as many of us know.
We cannot enjoy the economic socialism of modern Europe without agreeing to the higher taxes to pay for it.
Americans, it seems, want to have their cake and eat it, too: They want to enjoy the benefits of European-style socialism without the necessary costs.
Hence, the “tax the rich” mantra of Modern Liberalism. The Left has been trying, somewhat successfully, to convince the American people that we only need to raise taxes for the wealthiest 1% in order to pay for the expense in rising entitlement programs.
This despite the very clear and undeniable fact that any additional revenue provided by soaking the rich with taxes would only marginally begin to defray costs. It’s a drop in the bucket, as we’ve seen time and time again. 

2 comments:

  1. Bonehead, if we raised some taxes, especially on Billionaires, this would not be the case.

    The ignorance of one party in this country that wants to DECREASE taxes, especially on the rich, is what caused this problem in the first place.

    Enough of this manufactured crisis, which has a solution, but will not be solved because of stubborn and ignorant politics.

    ReplyDelete
  2. Moronically stupid propaganda article, not to mention paying interest to run the government on debt money? So the USA is a debtor's prison, a colony of debt? Abolish debt.

    ReplyDelete