Thursday, April 22, 2010

Chart of the day

This chart from the Heritage Foundation tracks federal revenue over the last 45 years in constant 2009 dollars. In 1965 the income tax produced -- based on a simple eyeballing of this chart -- about $250 billion per year. It's now almost four times that, in the midst of a recession no less.

Now, has the country's population grown by four times since then? No, in fact it hasn't even doubled, with the population in 1965 at 194 million (and around 305 million currently). And despite the extra money the federal government is still running massive deficits.

The amount of money the federal government takes in isn't enough to feed its appetite. It never will be enough. It's time to cut spending.

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