Patty Murray, the Democratic head of the Budget Committee, released their budget proposal that call for spending to increase to $5.7 trillion in 2023. The highest spending prior to Obama was $2.7 trillion (which was a big jump in Bush’s last two years). Now they want to double that number again within 10 years. Taxes remain between 16% and 20% of GDP no matter high how tax rates are because money flows into vehicles that protect it when rates are higher.
The high end of tax revenues is about 20% of GDP. GDP would have to increase from $13.66 trillion to $28.5 trillion by 2023. Currently, spending is almost 28% of GDP. We all better wake up and put a stop to this. The top 10% don’t have the cash to support these spending levels and GDP is not going to double in ten years. At 3% growth, our GDP will double in approximately 24 years. Total Adjusted Gross Income of ALL TAXPYERS in 2010 was $8 trillion. They could take every penny from people earning more than $69,000 per year (2010) and still be short of the $5.7 trillion number for 2023.
“Murray’s budget spends $2.2 trillion more in 2023 (the last year of the budget window) than the 2013 levels – a 62% increase (significantly outpacing inflation),” says a staff member on the Republican side of the Senate Budget Committee.
Oh, do I miss the days of Clinton’s $1.7 trillion budgets
Link referenced in this article:
The Weekly Standard
Proposed Dem Budget Increases Spending 62% Over Next Decade
Photo Credit: Official White House Photo Pete Souza