Talk about fuzzy math—that’s not so warm and fuzzy after all. The White House Office of Management and Budget says federal tax collections will exceed $3 trillion this coming year—the highest on record. As CNSnews.org reports:
In fact, the record $3,023,004,000,000 in tax revenues that the White House is predicting the federal government will rake in during fiscal 2014 not only exceeds the inflation-adjusted revenue taken in by the government in any previous year, it also equals $29,673 in tax revenue for every full-time worker in the country.
It is also equals $9,534 for every man, woman and child currently living in the country. …For each household where there are two full-time workers, the federal government is planning to collect $59,346 in this fiscal year. In 2012, according to the Census Bureau, the median household income was only $51,017.
Yet for all that taxpayer cash flowing into the government’s coffers, the OMB is projecting a deficit of $750.4 billion—an increase of more than $70 billion from last year.
So how long exactly does the federal government expect that it can keep spending more than taxpayers actually earn? More important, how long are taxpayers going to tolerate this bankrupt way of operating?