America is now facing the most difficult governmental choices since the end of World War II, 66 years ago. Back then our debt as a percentage of gross domestic product had just exceeded 100%. In about a decade it will exceed that again, and if we continue our current economic policies the Congressional Budget Office projects it will approach 800% in another 66 years.
So the American people now have an important choice to make: Shall we continue to increase the size of government—in spending and debt—as President Obama consistently will do, or shall we make increasing economic growth, jobs and income our top public-policy goals?
Our country is facing very real challenges. On top of our national debt climbing significantly, economic growth continues to lag, our unemployment rate stays over 8%, and inflation is coming toward us. The White House wants to keep increasing government spending and, as soon as it can, to raise taxes on businesses, individuals, and families. Or as the president said earlier this month at George Washington University, we just don't want to spend "a trillion dollars on tax cuts for millionaires and billionaires," never mind that they currently make up just 0.2% of taxpayers but pay 24% of individual income taxes. The government cannot balance the large budget by just supertaxing "the rich." Without major spending cuts, it will have to spread down the tax increases to middle-class Americans.
According to CBO, the median-income family of four is at risk of seeing its income and payroll taxes go up from 15% to 25% of its income. This risk is real because the president and the former Democratic Congress intended to raise federal spending, which has averaged 18% since World War II, to 25% or more this year, and then keep it at 22% to 23% going forward. And that, of course, leads to a demand for higher taxes.
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