posted on Mar, 4 2013 @ 07:55 AM
Well, 2013 is kicking off full swing, and the government is set to take a record $2.7 billion. This figure is slightly higher than the $2.6 billion
collected in 2007 when the last recession began.
Federal revenue will return to its pre-recession levels in 2013, according to projections from the Congressional Budget Office (CBO), setting a
record for the most money the government has ever taken in.
In its latest Budget and Economic Update, the CBO forecasts that federal revenue will top $2.7 trillion in 2013, slightly higher than the $2.6
trillion the government collected in 2007, when the last recession officially began.
Government revenues had fallen by nearly $500 billion during the recession to $2.1 trillion in 2009, contributing to the $1.5 trillion deficit that
year. However, federal revenues have been recovering since the recession ended in June 2009, and the CBO now projects that they will slightly eclipse
their pre-recession peak.
In fact, the $2.7 trillion in revenue will be the most money the federal government has collected in history.
According to historical tables compiled by the White House Office of Management and Budget, the government has never collected more than the $2.6
trillion it collected in 2007, meaning that if CBO’s projection is correct, it will set a new record for revenue collection in 2013.
This projection could undercut a key argument made by the White House that any balanced approach to deficit reduction must include more federal
revenue in the form of “tax reform.”
“Now, I think this balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction,” President Obama said in a
speech on February 5.
Republicans counter that additional tax revenue is not necessary, citing the tax increases on wealthier Americans they agreed to as part of the
January deal to make permanent most of the Bush tax cuts.
Instead, they argue, the focus should now turn to cutting federal spending rather than raising further tax revenues.
“Democrats say we should replace the president’s ‘sequester’ with revenue increases, or delay it. Republicans say we should replace [it] with
responsible reforms that will help put us on a path to balance the budget in 10 years,” House Speaker John Boehner (R-Ohio) said at a news
conference on Wednesday.
So we have Obama calling to increase revenue, and you have the republicans asking for reform. Despite this all being a dog and pony show, it still
affects us, the people. So we're now going to experience paying for record tax revenue through 2013, but Obama can't come to an agreement on making
some cuts instead?
It's all coming to a head, government is so bloated, and spending so much of our tax money on programs it doesn't need, and can no longer afford,
but we must tighten our belts while they spend that money carelessly. They said the recession ended in 2009, so I guess they figure since they've
conned enough people into believing its over, they can go ahead and just freely start taking whatever they need now instead of reducing the spending