American Institute for Economic Research.
Whether or not higher rates are politically popular, they cannot solve the problem of the rising federal budget deficit.
"Federal tax revenues have averaged 19.6 percent of GDP since World War II. As the chart above shows, federal receipts broke the 20 percent ceiling only once, reaching 20.6 percent during the tech boom of 2000.
"This has led many economists to argue that it is irresponsible for the U.S. to make long-term commitments to expenditure levels above about 20 percent of GDP. Nonetheless, government expenditure was 25.5 percent of GDP in 2011 and is projected to be more than 24 percent this year."
The above is an argument from reason. An ad hominem argument would be if instead of the above, I merely said Democrats are Marxists or idiots. Many leftists -Chris Matthews comes to mind- would respond to the above argument by merely calling me a racist or a tool of the rich.
Unfortunately - if you will forgive the ad hominem attack - this worked with the half of the population who voted for Obama.
More on this subject in the next post. TD
Whether or not higher rates are politically popular, they cannot solve the problem of the rising federal budget deficit.
"This has led many economists to argue that it is irresponsible for the U.S. to make long-term commitments to expenditure levels above about 20 percent of GDP. Nonetheless, government expenditure was 25.5 percent of GDP in 2011 and is projected to be more than 24 percent this year."
The above is an argument from reason. An ad hominem argument would be if instead of the above, I merely said Democrats are Marxists or idiots. Many leftists -Chris Matthews comes to mind- would respond to the above argument by merely calling me a racist or a tool of the rich.
Unfortunately - if you will forgive the ad hominem attack - this worked with the half of the population who voted for Obama.
More on this subject in the next post. TD
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