I posted earlier about Barack Obama’s proposed budget. Now the Congressional Budget Office has come out with some analysis.
According to CNS News:
In the budget proposal he presented to Congress last month, President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people, according to the analysis published last week by the Congressional Budget Office.
Under Obama’s proposal, taxes would rise from 17.6 percent of Gross Domestic Product in 2014 to 19.2 percent in 2024. During the ten years from 2015 to 2024, federal taxation would average 18.7 percent GDP.
America has never been subjected to a ten-year stretch of taxation at that level.
Notice that, despite having this unprecedented level of government confiscation, no one in the mainstream media has seemed to care about the new, higher taxes. They were too busy being outraged at Paul Ryan for the non-existent cuts he favored.
Under Obama’s budget proposal, according to the CBO, the budget will never balance. But over the next ten years, the federal government would add $7.183 trillion to its debt held by the public.
While adding that $7.183 trillion to the debt held by the public, Obama would increase taxes by $1.4 trillion, said the CBO report.
“The President’s budget would make a number of changes to the tax law,” said the report. “If enacted, those changes would boost revenues by $32 billion in 2015, and by $1.4 trillion, or about 3 percent, during the 2015-2024 period.”
Of course, I suspect that level of revenue is a fantasy. The CBO can only deal with the assumptions that the Obama Administration makes regarding the nation’s future. They are almost certainly assuming unrealistic levels of economic growth that will never actually happen. If so, then the deficit will probably be far larger.
In fact, no matter what happens you know there is a good chance the deficit every year will be more than what they are telling us.