February was not kind to Obama and his administration. His spending continues to set records.
The CBO has projected that the government deficit for February 2012 will be $229 billion, making the FY2012 deficit already more than half a trillion dollars. This is the highest monthly budget deficit in history.
- Gas prices highest in history for this time of year.
- Debt highest in history.
- Lowest growth rate.
- Regulations that are choking financial institutions, and small business.
- Freedoms eroding.
What’s your Debt Burden?
The following tables are provided by the Tax Foundation with these assumptions.
Let’s start with the top 1% of taxpayers.
- The top 1% makes $345,000 or more of adjusted gross income in a year.
- The top 1% pay 37% of federal income taxes, so let’s assume they’ll pay 37% of the debt.
- That means that each top filer in the top 1% is responsible for four million dollars of the debt.
- And if we’re going to pay it off in 15 years, with no interest, then we would require $22,000 per month from those taxpayers after they have paid their current tax burden.
- Does anyone think we can raise taxes by $22,000 a month on this group of taxpayers and have them survive that level of confiscation? Of course not. They would be wiped out.
- The top 1%, if you combined all their assets it would be equivalent to $1.5 Trillion dollars. With a deficit now in excess of $15 Trillion, do you see how ludicrous this administration states they need to pay their fair share. You could wipe them out, not to mention their spending, their companies that employ individuals jobs. All for not even 10% of the total debt in this country?
Paying the debt is going to cost real money, and it’s going to have to come out of real pockets. Already the bottom 50% in this country only pay 1% of the tax burden.
Where do we go from here? Is the United States the next Greece?