My son asked me yesterday who Robin Hood was, and we had a discussion about the “legend” of Robin of Loxley and his stealing from the Norman rich to give to the Saxon poor. When I started to think about it though, Robin was really giving back what had been stolen by the lazy elite from the producers. So, in this age of Obama and his Norman Congress stealing from the hard-working American producers to give to the lazy American and foreign layabouts, where is our Robin Hood? Who exactly is going to stand up and finally say, “Everybody has to do their fair share of the work, and nobody gets to ride the clock!”
Yesterday, the senate health care reform bill came out and it features the very unconstitutional surtax on the wealthy of upwards of 5.4% to cover a government health care plan. Today, the CBO’s long-term budget outlook came out and Robert J. Samuelson is stating that to balance the budget we would have to raise taxes by 44% on everybody. Is anybody going to stop Prince Bambi, Sheriff Rahm, and the rest of the elites from unconstitutionally redistributing the wealth of the producers?
We face an unprecedented collision between Americans’ desire for more government services and their almost equal unwillingness to be taxed. The conflict is obscured and deferred by today’s depressed economy, which has given license to all manner of emergency programs, but its dimensions cannot be doubted. A new report from the Congressional Budget Office (“The Long-Term Budget Outlook“) makes that crystal clear. The easiest way to measure the size of government is to compare the federal budget to the overall economy, or gross domestic product (GDP). The CBO’s estimates are daunting.
For the past half-century, federal spending has averaged about 20 percent of GDP, federal taxes about 18 percent of GDP and the budget deficit 2 percent of GDP. The CBO’s projection for 2020 — which assumes the economy has returned to “full employment” — puts spending at 26 percent of GDP, taxes at a bit less than 19 percent of GDP and a deficit above 7 percent of GDP. Future spending and deficit figures continue to grow.
What this means is that balancing the budget in 2020 would require a tax increase of almost 50 percent from the last half-century’s average. Remember, that average was 18 percent of GDP. To get from there to 26 percent of GDP (spending in 2020) would require an additional 8 percentage points. In today’s dollars, that would be about $1.1 trillion, a 44 percent annual tax increase. Even these figures may be optimistic, because CBO’s projections for defense and “nondefense discretionary” spending may be unrealistically low. This last category covers much of what government does: environmental regulation, aid to education, highway construction, law enforcement, homeland security.
Saxons? Are you ready for that tax increase?
Can We Impeach Obama Yet?
Can We Recall The Congress Yet?
UPDATE: I just found this article on The Patriot Room. Make sure to go over and read it!