Thank you, Steve. When you talk about the tax burden growing from approximately 5 percent to 25 percent in Federal taxes, there is a chapter in the official U.S. budget called the generational forecasts. That states, because of the nearly $5 trillion national debt, that if dramatic changes are not made in the manner in which this country spends money, that by the time every child born after 1992 goes into the work force, he or she will be paying in local, State, and Federal taxes, between 84 and 94 percent of his or her income in taxes. This is astonishing. It is absolutely unbelievable. I mean, this is a part of the official budget. I mean the Democrats, you know, CBO prepared this. The Republicans, everybody looks at it and says, this is incredible. We have to do something about it. And yet, you know Steve, there are 10,000 programs in this country--10,000 that are run. Every program has a constituency and every program has its own special interests.…
Editor's note · Context
Discussing the implications of national debt and tax burdens on future generations.
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