PrintMarch 11, 2010
Graph of the Day for March 11, 2010
"I would cut from overseas spending, I would cut from these trillions and trillions of dollars that we have spent over the years and bring our troops home so that we can finance it [health care]." Rep. Ron Paul (R-TX), July 2009.
"In the past several decades, the country paid for increases in Social Security, Medicare, and Medicaid spending through cuts in defense spending relative to the size of the economy. That approach is not feasible in the future." Douglas W. Elmendorf, Director of the Congressional Budget Office, March 8, 2010.
Source: CBO.
Hoven's Index for March 11, 2010
Year in which spending on Medicare, Medicaid, Social Security, defense and net interest will exceed historical total federal revenue levels: 2019
Projected structural deficit in 2020: $0.7 trillion to $1.4 trillion
Effective federal tax rates in 2006, by income level:
Top 1%: 31%
Top 20%: 25%
Middle 20%: 14%
Bottom 20%: 5%
Source: CBO.
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