Town Hall with Congressman Patrick McHenry

Town Hall with Congressman Patrick McHenry August 2011

U.S. National DebtAt the close of business today, the U.S. National Debt stood at:$14,572,735,692,347!

2011 Federal BudgetExpenditures DEFICIT Revenue 0 1,000 2,000 3,000 4,000 Billions of DollarsSource: OMB

TOTAL SPENDING IN FY 2010 = $3.5 TRILLION (OUTLAYS IN BILLIONS OF DOLLARS)Discretionary AutopilotSpending Interest Other Spending Non-Defense 6% Discretionary Mandatory 19.2% 12% Medicare Defense 19.8% Social Security Medicaid 20%Source: Congressional Overall Healthcare SpendingBudget Office August 23%2010 Budget &Economic Outlook

How Much Does the Government Borrow? Over 40 cents per dollar!Source: OMB

Deficit Under Obama Budgets (Deficit Levels in Billions of Dollars) OBAMA TAKES OFFICE OBAMA FY2012 BUDGET1,6001,4001,2001,000 800 600 400 200 0 2018 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2019 2020 2021

Will Raising Taxes Help?Question 5:True or false: If we rolled back Bush tax cuts for ALL Americans, we couldbalance the budget.1 ____ TRUE2 ____ FALSESource: Congressional Research Service Report, “The Bush Tax Cuts and the Economy” 2010Question 6: What percentage of Americans currently pay no personalincome tax?1 ____ 7% OF AMERICANS2 ____ 17% OF AMERICANS3 ____ 27% OF AMERICANS4 ____ 37% OF AMERICANS5 ____ 47% OF AMERICANSSource: Tax Policy Center, www.taxpolicycenter.org 2010

Who Pays Taxes? Percentiles Ranked by Percentage of Federal AGI Personal Income Tax Paid Top 1% 38.02 % Top 5% 58.72 % Top 10% 69.94 % Top 25% 86.34 % Top 50% 97.30 %Source: IRS2008 Statistics Bottom 50% 2.7 %

TAXPAYERS SUPPORTING EACH SOCIAL SECURITY RECIPIENT RECIPIENT WORKERS 1950 16.5 1960 8.6 LIFE EXPECTANCY 2000 3.4 1950 68 1960 70 2009 3.0 2000 76 2009 78 2040 2.1SOURCE: SOCIAL SECURITY ADMINISTRATION, THE 2010 ANNUAL REPOT OF THE BOARD OF TRUSTEES; CENTERS FOR DISEASE CONTROL, U.S. LIFE TABLES

Doubles then Triples the Debt (Debt Held by Public in Billions of Dollars)25,00020,00015,000 OBAMA TAKES OFFICE10,000 5,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 OBAMA FY2012 BUDGET

WHAT DRIVES OUR DEBT? (GOVERNMENT SPENDING AS SHARE OF ECONOMY)25% PROJECTED TAX REVENUE20%15% MEDICARE10% MEDICAID & OTHER HEALTH 5% SOCIAL SECURITY 0% 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080SOURCE: CBO

Explosive Growth of Spending Drives Fiscal Imbalance Federal Taxes and Spending as a Percent of GDP 26% HISTORICAL SPENDING 24% AVERAGE = 20.3% SPENDING FY 2012 22% OBAMA BUDGET 20% 18% 16% HISTORICAL TAX TAXES AVERAGE = 18% 14% 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

WHO OWNS OUR DEBT?DEBT HELD BY PUBLIC, 1970-2010 SOURCE: U.S. DEPARTMENT OF TREASURY

THE BUDGET CONTROL ACT A STEP IN THE RIGHT DIRECTIONSource: CBO

Town Hall with Congressman Patrick McHenry

by CongressmanMcHenry on Aug 19, 2011

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