Personal Current Transfer Receipts Examples
• Medicare • Medicaid • Food Stamps • Social Security • Unemployment Insurance
Personal Current Transfer Receipts:
Note that transfer receipts are nearly $2.4 trillion.
Federal Government Receipts:
Ratio of Personal Transfer Receipts to Federal Government Receipts:
Notes
• Nearly every dime of federal government receipts goes to personal transfer payments.
• Between 1960 and 1970, personal transfer payments were 30-35% of federal government receipts.
• From 1980-2000 the percentage fluctuated between 50% and 65%.
• If (when) the economy slips back into recession personal transfer payments will exceed 100% of federal government receipts.
Given personal transfer receipts take up nearly 100% of federal government receipts, in theory, there should be no room for anything else, including wars, roads and bridges, and wages of federal employees.
Which is why Congressional Republicans must reject any hike of the debt ceiling until a Balanced Budget Amendment is passed by Congress and signed into law by the President.
2 comments:
There has to be a mechanism in a BBA that keeps the Dems from using it as a mandate to raise taxes.
There is, it caps taxes at like 23% of GDP, plus mandates that 2/3rds of congress must approve of any tax increases. Sure, 'GDP' is easy to tamper with since it unfortunately includes government activity but this is the closest you're gonna get. I don't see this version as being a weasly way for congress-critters to raise taxes while blaming a constitutional amendment.
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