If big numbers make your head spin, take a Dramamine before reading this. Also, if you support big government tax policies and spending, this is going to be music to your ears. But for my part, after reading this article, I’m convinced that the principle of taxing our way into prosperity is a flawed belief.
But first, this little cartoon may put this data in perspective.
As reported by CNSNews, “Over the course of the 86 full months that President Barack Obama has completed serving in the White House—from February 2009 through March 2016–the U.S. Treasury has collected approximately $18,764,164,000,000 in tax revenues (in non-inflation-adjusted dollars), according to the Monthly Treasury Statements issued during that period. (President Obama was inaugurated on Jan. 20, 2009.)
That equals approximately $124,003 for each of the 151,320,000 persons who, according to the Bureau of Labor Statistics, had either a full- or part-time job during March 2016.
During the same 86-month stretch of the Obama presidency, the total debt of the federal government increased from $10,632,005,246,736.97 to $19,264,938,619,643.07, according to the Treasury.
That is an increase in the debt of $8,632,933,372,906.10—or approximately $57,051 for each of the 151,320,000 people with jobs as of March. If the Treasury succeeds in collecting the full $3,335,502,000,000 in revenues that the White House Office of Management and Budget estimates it will collect in fiscal 2016 (which will end on Sept. 30), Obama will become the first American president whose Treasury collected more than $20,000,000,000,000 in taxes (in non-inflation adjusted dollars) during his time in office.”
Ok, to save our progressive socialist friends any consternation here is the same analysis for the Bush administration.
“During the first 86 full months that George W. Bush was president (February 2001 through March 2008), according to the Monthly Treasury Statements, the Treasury collected approximately $15,099,826,000,000 in taxes. (From February 2001 through January 2009, the Treasury collected $17,251,191,000,000 in taxes.
The $15,099,826,000,000 in taxes that the Treasury collected during Bush’s first 86 full months in office equaled approximately $103,363 for each of the 146,086,000 persons who had a full- or part-time job in March 2008.
During the first 86 full months of George W. Bush’s presidency, the debt increased from $5,716,070,587,057.36 to $9,437,594,138,091.39. That is a debt increase of $3,721,523,551,034.03—or approximately $25,475 for each of the 146,086,000 persons who had a job in March 2008.”
Here is my assessment in simple southern logic: we’re paying higher taxes and have greater debt over these past 86 months under President Obama, and our economic recovery is anemic to say the least. Sorry, I don’t consider a 2.1 percent average annualized GDP as the new normal for America.
As for the Bush administration, you can’t have tax cuts and then grow government at the same time. Yes, the Medicare Part D was a new program that wasn’t paid for – and of course now it’s very popular with seniors. However, growing a new government agency such as Homeland Security should have been a last resort. Perhaps new functions should have been developed, but under currently standing government agencies — or even better, examine where we could have streamlined functions and duties. We do need to provide for our defense — but even that can be done in a fiscally responsible manner. No one could have predicted the horrific attacks of 9-11, but we should all be able to agree, it was not planned after January 20, 2001 when Bush took office.
The issue we discover when we do this comparative analysis is that we got more of everything under Obama: more debt and taxation in general and per working household. So, the simple inquiry has to be, why do we hear about needing more “investments” in infrastructure, education, and elsewhere by the liberal progressives — Obama? Since we’ve had record tax revenues coming into the Obama coffers, then why is there also record debt? And why is it estimated that our spending deficits tick back up to $1 trillion dollars by 2020?
I think we all need to come to grips with understanding that between the Bush and Obama administrations, from January 20, 2001 to March 2016, America has seen an increase in its debt from $5.7 trillion to $19.2 trillion and the debt clock keeps ticking upwards. It’s a very disconcerting set of numbers and let’s be honest, in the comparative 86 months between these two presidents, for Bush the debt increased by $3.72 trillion and for Obama the debt increased by $8.63 trillion. That means Obama’s debt increased by almost three times that of Bush in the comparative first 86 month period — that folks is not debatable.
What has America gotten in return? The incessant claim that we’ve been saved from fiscal destruction is a rather dubious assertion by the Obama administration. We have more Americans on food stamps — including our own military — more in poverty, and an unemployment situation that’s not at 5 percent. And on the deck we have Hillary Clinton and Bernie Sanders wanting more taxes, for what? Yes, just to expand the welfare nanny-state and the growth of government. I want us all to ask ourselves a simple question: what is the role of government in a free society?
If we’re honest, we’ll come to the realization that the relationship is inverted. As the role of government increases, the level of individual freedom in a society decreases. Why? Because one group is being funneled the largesse of the government for its subsistence. These individuals lose their freedom as they become economically enslaved. And the other group loses its freedom as it become the donor class to the increased role of the government. Simply, that is what the numbers of increased levels of taxation and debt per working household reflect.
Numbers don’t lie, politicians do, and we’re not in a good fiscal state in America. The role of government is increasing while we watch our individual freedom being lost to collective subjugation as our ability to partake in our unalienable right of the pursuit of happiness is replaced by a government guarantee of happiness.
And the latter is very costly, as the numbers tell us.