Additional Points

  1. $950 billion annual interest cost at 5% average rates, $11k per household. (with optimistic 80 mil. households)
  2. BEA’s 2015 deficit figure- $782 billion (table 3.1). OMB- $438 billion (table 1.1)
  3. Deficits over next 30 years- $100 trillion. -Senator Ron Johnson. $830k per household. For Medicare, Social Security, pensions/benefits, interest, etc.
  4. OECD’s U.S. spending estimate was 38% of GDP or $6.8 trillion.
  5. Total current gov and private debt is 269% of 1 year’s GDP or $47 trillion. (China- 282%) -McKinsey
  6. 85% of all mortgages guaranteed by the taxpayers. In the Depression, about 15%. -Pinto, AEI
  7. Federal Reserve increased their “purchases” of Treasury debt from $1 trillion in 2008 to $4 trillion today.
  8. Dollar has lost 85% of it’s value since 1971. -Lewis Lehrman
  9. Private debt annual interest will increase $300-500 billion if rates rise by 3%. -Richard Vague
  10. August 2011 debt deal- $2 trillion of more borrowing authority in exchange for $100 billion of savings in the same time period- a 20 for 1, not a “1 for 1”.
  11. 2001 and 2003 tax cuts: a) portions on over $200k, the 2003 drug bill and the Iraq war were about $150 billion out of $1.3 trillion deficits (CBO). Ds wanted more drug bill $.
  12. b) total dollars were 3-4 times higher for the under $200k incomes, as is income. -JCT, CBO
  13. c) projected to cost $650 billion over 10 years, then revised to $130 billion. -JCT, CBO
  14. Little increase in inequality on after tax income, including benefits, over past 20 years. -Reynolds, Cato
  15. Top 1% grew most during Clinton period. -CBO
  16. “People who say just tax the rich aren’t paying attention.” -E. Bowles, Obama’s fiscal commission appointee
  17. Oil industry pays 45% on income for all taxes and fees (in addition to the per gallon tax on the driver). -API
  18. “There is no special tax break for outsourcing.” -Politifact
  19. Many of the rich benefit from government related costs reducing competition, low interest rates by the Fed and government cronyism.
  20. Ds capping of deductions essentially raised the 35% top statutory income rate beyond 39.6% to 44.6%. Additional proposed increases would result in 50%. -Paul Ryan
  21. R primary candidates didn’t oppose 10 for 1 savings to revenues deal. They opposed statutory rate increases.
  22. China spends 6% of GDP on medical (Rand, WHO), U.S.-18% (CMS). Their out of pocket- 56% (Rand), ours- 12%.
  23. Top effective total tax rate on small businesses is 35% in U.S., 16% in China. -NAM
  24. 74% don’t want more than 20% average effective total taxation. -Rasmussen poll
  25. Less than 20% of all spending is needs-tested (Cato), about $1 trillion.
  26. K-12 current per student annual spending of $14k has not fallen, but risen by 20% over last 10 years, inflation adjusted and 280% since 1970, mostly for out of class. -Digest Ed. Stats
  27. College taxpayer costs have risen 20-30% since 2009 -FinAid
  28. Military spending is about $700 billion total, about 12% of all spending, not the 40-50% expressed in polls.
  29. Defense dept spending of about $600 billion total is around 3.3% of GDP, below the 3.7% avg since 1970 (OMB 3.1).
  30. Defense cuts from the  across the board sequester cuts “potentially disastrous”, could threaten “our freedom and way of life”. -Former Pacific Commander, Lyons
  31. Ds regularly propose less than 1% savings in non-defense.
  32. Stimulus spending cost $270k per job. -Administration’s economic adviser’s 7th quarterly report
  33. The medical bill (Obamacare) will likely add 2% to total costs of 53-55%.
  34. Drug industry supported it.
  35. Obama pledged “negotiations on C-SPAN”, which never happened, “to see who is making arguments on behalf of the drug companies”.
  36. $3,380 average increase per child “able to stay on their parent’s plan”. -2009 HHS estimate
  37. 14 million who like it can’t keep it- will be moved to government exchange insurance. -Medicare Actuary
  38. 31 million will remain uninsured. -CBO
  39. 24 of the 31 million subprime/weak mortgages out of 55 million total in 2008 were created by government. -Wallison, AEI
  40. 50% of Rs and 74% of Ds voted for bailout- TARP loans to banks.
  41. The bank regulation bill, Dodd-Frank, will cost 1.5 million jobs over 5 years (CBO), has 8k pages of final regulations and 6k more proposed. (Financial Services committee)
  42. It increased consolidation of “too big to fail” banks. -Democrat Neil Barofsky, head of TARP
  43. Half of corporate contributions in 2010(?), 54% of Wall St. contributions and 54% of drug industry contributions went to Ds. -CRP
  44. For every $97 of business affiliated PAC money going to Rs in 2010, $110 went to Ds. -Open Secrets
  45. Women earn 95 cents for every dollar men earn within same occupation and experience, not 70 or 77 cents and personal choice may account for remainder. -Diane Furchgott Roth, Manhattan Institute
  46. Almost all states and cities in serious financial trouble, past and present, under D control.
  47. Each additional 1 million barrels of oil production = about 1 million jobs. -Hoffmeister, Shell ex-CEO