Raising Taxes during a recession? I'm pretty sure that's a horrible idea especially if your goal is creating 4,000,000 new jobs. I suppose it can be viewed as training us as the tax rates will have to be around 80% in a decade to sustain the growing list of entitlement programs.
Just take a look at these numbers on Medicare alone.
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Taking all three parts of Medicare together we owe the current generation a total of $29.2 trillion and future generations will add another $32.5 trillion to this obligation. Thus, the total Medicare debt is a staggering $61.6 trillion. Let me put this number in perspective for you. Assuming that federal income tax revenues remain at the 50 year average of 10.89 percent of the nation's gross domestic product, the present value of all future federal income tax revenues from now to eternity is $99.3 trillion so that the Medicare debt of $61.6 trillion is 62 percent of all future federal income tax receipts.
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