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Town Hall with Congressman Patrick McHenry
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Town Hall with Congressman Patrick McHenry

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Congressman Patrick McHenry (NC-10) shared this presentation with constituents at town hall meetings across North Carolina's 10th District in August, 2011.

Congressman Patrick McHenry (NC-10) shared this presentation with constituents at town hall meetings across North Carolina's 10th District in August, 2011.

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Town Hall with Congressman Patrick McHenry Town Hall with Congressman Patrick McHenry Presentation Transcript

  • 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
  • JOBS
  • 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