President Obama's fiscal 2011 budget, the Congressional Budget Office (CBO) estimates a deficit that starts at 10.3% of GDP in 2010. It is projected to narrow as the economy recovers but will still be 5.6% in 2020. As a result the net national debt (debt held by the public) will more than double to 90% by 2020 from 40% in 2008.
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David Ranson: The Revenue Limits of Tax and Spend - WSJ.com - 0 views
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They do not include deficit spending resulting from the new health-insurance legislation. The revenue numbers rely on increased tax rates beginning next year resulting from the scheduled expiration of the Bush tax cuts. And, as usual, they ignore the unfunded liabilities of social insurance programs,
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"Hauser's Law," as I call this formula, reveals a kind of capacity ceiling for federal tax receipts at about 19% of GDP.
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We can never collect more than 20% tax rate
Checks and Imbalances - 0 views
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Dr. Anand Marri from Columbia Teacher's College has a project funded by the Peter G. Peterson Foundation, and has worked with doctoral students to write 25 lessons on economics, with 25 more on the way. Website link is included in the article.
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