Does this explain why cities and states and the federal government are suffering so much in terms of their budget? Or is it overspending? Or both.
Taxes as a percentage are lower. The number of taxpayers are fewer (with greater unemployment) but expenditures are greater with significant defense and military spending (WAR), poor performance of state pension funds (invested in AAA rated mortgage backed securities), union contracts (which support seniority rather than performanced based pay), the financial bailout (TARP - which has been paid back to a great degree), and skyrocketing healthcare costs affecting Medicare and Medicaid. Social Security is in good shape.
So why the all out class warfare by the right on planned parenthood, and public pension plans?
Why the ignorant defense of unions by the left?
We need to come together and solve the country's problems. Not distract from the real issues with partisan politics.
#Peakoil is real and we will need to DRAMATICALLY change the way we live. SOON.
Our pursuit for any oil and gas and minerals (WAR in Iraq and Afghanistan) to fund our continuous plan for growth is NOT SUSTAINABLE with depleting natural resources. Our current economic model cannot run without energy.
By one measure, federal taxes lowest since 1950
WASHINGTON — Think your taxes are too high? As a share of the nation's economy, Uncle Sam's tax take this year will be the lowest since 1950.
Read more at www.usatoday.com
And for the third straight year, American families and businesses will pay less in federal taxes than they did under President George W. Bush, thanks to a weak economy and a growing number of tax breaks for the wealthy and the poor.