My latest column is up on Right Wing News!
Here is an excerpt:
New projections by the Congressional Budget Office show that this could be a record year for federal tax revenue – according to the CBO, the federal government should be bringing in $2.7 TRILLION this year, an all-time record. At first blush, one would think this is good news, and a vindication of President Obama’s “balanced approach.” But even though we’re looking at the possibility of record-high tax revenues, deficits are projected to be around $850 billion.
So the big question is, does America have a spending problem? Will President Obama’s “balanced approach” work to get America back on the right track?
The projection for tax revenues puts America above 2007′s all-time-high in tax revenues, yet while revenues are projected to be up about 5.5% over 2007, government spending is projected to be up just over 30% from 2007 – and sequestration won’t even begin to effect that. Naturally, you would think, then, that the “balanced approach” widely advertised by President Obama would be the perfect thing to bring our deficits down through spending cuts, and pay down our debt through higher revenues.
Continue reading here.