Tags: Economic- Crisis | federal | budget | debt | economy

New Federal Budget in Pictures Paints Scary ‘Taxmageddon’

Thursday, 26 April 2012 10:11 AM

Newly released graphics from The Heritage Foundation’s “2012 Federal Budget in Pictures” series highlight historic debt and taxation looming like a tidal wave in 2013.

Designed to simplify the math for the average citizen, the latest slideshow focuses on what is painted as a watershed year — next year when the 2001 and 2003 tax cuts could expire and Obamacare taxes kick-off, exploding tax revenue levels to a staggering 20 percent of the economy.

Highlighting government spending, tax rates, entitlement growth, and rising debt, the latest graphics feature runaway federal government spending soaring from about $30,015 per U.S. household to a projected $34,602 in just 10 years.

“We cannot afford high taxes and spending on top of unprecedented deficits and debt,” warns Emily Goff, Heritage research associate and co-author of Federal Budget in Pictures.

Walking us through the parade of illustrations, Goff explains, “The Obama administration has failed to propose the necessary cuts to rein in spending and bring down deficits, which have far outpaced previous administrations.

“While past presidents have overseen deficits that historically averaged about 2 percent of the economy, President Obama has run deficits averaging at 8.3 percent of the gross domestic product.”

So, what is all this leading to? What are the ultimate consequences of “Taxmageddon,” the term coined by The Washington Post?

Again, the graphics are there to answer in the most startling way.

Every American’s share of the debt is $36,267 in 2012. By 2036, this figure would be nearly the same as medical school tuition at $135,547. Adding to the disaster, despite all that “tuition,” no one ends up with a diploma on the wall

“The major entitlement programs—Medicare, Medicaid and Social Security, as well as Obamacare—drive so much of our runaway spending and future deficits,” advises Romina Boccia, Heritage research coordinator and co-author. “Congress won’t get a handle on our twin fiscal crises until it begins work on true entitlement and budget reforms.”

Meanwhile, the tell-tale graphics of The Federal Budget in Pictures, which are downloadable at www.heritage.org are flying off the digital shelves and going viral through Twitter, Facebook, and RSS feeds.

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Thursday, 26 April 2012 10:11 AM
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