Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
OTHER MANDATORY
$547
NON DEFENSE DISCRETIONARY
$615
DEFENSE $670
SOCIAL SECURITY $768
MEDICARE $466
MEDICAID $251
INTEREST $223
DISCRETIONARY SPENDING
AUTOPILOT SPENDING
10%
15%
20%
25%
30%
35%
40%
2006 2011 2016 2021 2026 2031 2036 2041
HISTORIC & PROJECTED SPENDING
PRESIDENT'S TAX INCREASES
HISTORIC & PROJECTED TAX REVENUE
#SPENDINGISTHEPROBLEM
SOCIAL SECURITY
MEDICAID & OTHER HEALTH
MEDICARE
NET INTEREST
0%
5%
10%
15%
20%
25%
30%
35% 19
65
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
2020
2025
2030
2035
2040
REVENUES
0
10
20
30
40
50
60
70
80
90
100
0 10,000 20,000 30,000 40,000 50,000 60,000
17%
18%
19%
20%
21%
22%
23%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
CURRENT PATH
PATH TO PROSPERITY
-100
0
100
200
300
400
500
600
700
800
900
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
CURRENT PATH
PATH TO PROSPERITY
-100
0
100
200
300
400
500
600
700
800
900
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
%
50%
100%
150%
200%
250% 19
40
1950
1960
1970
1980
1990
2000
2010
2020
2030
2040
2050
2060
PATH TO PROSPERITY
WORLD WAR II
CURRENT PATH
%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
BOTTOM 50%
TOP 1%
TOP 5%
TOP 10%
TOP 25%
TOP 50%
2001 2010
%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
PERC
ENT
OF
GD
P
FISCAL YEAR
TOP INCOME TAX BRACKET
TOTAL TAX REVENUE AS PERCENT OF GDP
INCOME TAX REVENUE AS PERCENT OF GDP
$0
$20
$40
$60
$80
$100
$120
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
PROJECTED COSTS
ACTUAL COSTS
0
200
400
600
800
1000
1200
1400
SENATE DEMS HOUSE DEMS CBC PROGRESSIVES
SPENDING INCREASE
TAX INCREASE
• Two top economists !nd that House GOP budget would “boost economy immediately.”
• First year – 1 percent increase in economic growth – 500,000 more American jobs – Family income increases by $1,500
• Tenth year – 3 percent increase in economic growth – 1.7 million more American jobs – Family income increases by $4,000
Source: Stanford economists John Cogan and John Taylor; House Budget Committee
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
FAMILY BUDGET FEDERAL BUDGET