Without swift policy changes, America faces unprecedented government spending, debt and taxation in 2013.
While tax revenue levels have been low for the past few years as America struggled to recover from the recession, they areset to explode past 20 percent of the economy beginning next year. That’s when the 2001 and 2003 tax cuts could expire and new Obamacare taxes will begin.
The Obama administration has failed to propose the necessary cuts to rein in spending and bring down deficits, which have far outpaced previous administrations. While past presidents have overseen deficits that historically averaged about 2 percent of the economy, President Obama has run deficits averaging at 8.3 percent of the gross domestic product.
This has driven up every American’s share of the debt to $36,267 in 2012. By 2036, this figure would be nearly the same as medical school tuition at $135,547—only without a degree to show for it.
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