Tuesday, August 25, 2009

Chart of the day

It's the entitlements, stupid!

I also checked out the Congressional Budget Office report and noticed a couple things:
  • It's astounding that in 2010 even with the downturn the government projects it will collect $1.183 trillion in revenue through income and corporate taxes, yet still run a massive deficit. What an indictment.
  • In 2015 the CBO projects income and corporate tax revenue will amount to $2.302 trillion, which will exceed discretionary expenditures by nearly $1 trillion. Even with interest on the national debt of $542 billion (!) we would still have a surplus in the hundreds of billions. Mandatory entitlement spending, however, places the country deep in the red.

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