President Obama said over the weekend that there is “no doubt” the federal government needs more revenues. But that’s true only if you assume Obama’s oversized government is here to stay.
In his Super Bowl Sunday interview with Obama, CBS News anchor Scott Pelley asked him if, after having just wrangled a major tax increase on wealthier families, he was done with tax hikes.
Obama’s answer: No way. “There is no doubt,” he said, “we need additional revenue.”
No doubt? Really? This after Obama raised taxes $500 billion to help pay for ObamaCare, and after he piled on another $620 billion as part of the “fiscal cliff” deal at the start of this year.
As a result, federal revenues will climb roughly 8% this year, 10.5% next year and 12.3% the year after that. And from 2016-22, federal revenues are projected to increase an average of almost 6% a year, according to Congressional Budget Office data.
As a share of GDP, federal revenues will be 19% (and climbing) by 2017 — which is well in excess of the 17.9% average of the previous 60 years. In dollar terms, that means Washington will take in $220 billion more in 2017 alone than it would have if revenues-per-GDP were kept to the historic average.