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2012 Budget, Congress, debt, deficit, Economics, Featured Story, Federal Spending, Fiscal Policy, government spending, higher taxes, News, Obama, politics, Tax Increase, tax increases, Taxation, Taxation | Tagged Big Government, taxes
BigGovernment.com
by Dan Mitchell
Posted Jul 16th 2011 at 7:50 am
At his press conference Friday, President Obama repeatedly said that a “balanced approach” is needed to deal with the fiscal situation.
Here’s a chart based on those OMB and CBO numbers.
The White House has obviously poll-tested and focus-grouped that phrase. But just because it’s gimmicky, that doesn’t mean balance is a bad idea. So I’ve decided to take the President’s challenge.
I want to know why America’s fiscal situation is so out of whack. I’m willing to take a dispassionate look at the numbers. And if those figures show that the President is right, and that “unaffordable tax cuts” have caused higher deficits, then I’m willing to support higher revenues (after all, I am a pragmatic, middle-of-the-road guy).
My first step was to go the White House website and track down the historical data from the President’s Office of Management and Budget.
Those numbers show that federal spending, on average, consumed 19.8 percent of GDP from 1950-2000.
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