To the Editor:
So much has been written recently that our deficit increase (average of more than a trillion dollars a year) is due to the lack of revenue. Per the Congressional Budget Office, the average annual revenue during the eight Bush years as compared with the average annual revenue during the four Obama years has increased (Bush, $2.145 trillion, versus Obama, $2.396 trillion) about a 5 percent increase during the Obama years.
Contrast that to spending. Again, per the CBO, the annual average spending has increased nearly 50 percent under Obama (Bush, $2.260 trillion versus Obama, $3.593 trillion) for an increase of about 50 percent.
To summarize, we are increasing revenue by 5 percent but increasing spending by nearly 50 percent during the same time period. Why are we being told it is a revenue problem when the CBO data clearly shows it is actually a spending problem.
CBO is a nonpartisan government agency that just records/analyzes the data and makes projections – at this rate, CBO claims a $20 billion to $22 trillion total national deficit, currently under $17 trillion, by 2016 unless something drastic is decided by our government.
Remember, this is not about the 1 percent of Americans. This is not about the 99 percent of Americans. This is about the 100 percent of Americans.