Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital

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Heritage Foundation economist Alison Fraser's presentation on runaway government spending on Social Security, Medicare and Medicaid to the Southern California Committee for Heritage on June 9, 2010.

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Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital

  1. 1. Bankrupting Our Children’s Future: Why Spending and Entitlement Reform Is Vital Alison Fraser The Heritage Foundation Southern California Community Committee June 9, 2010
  2. 2. Federal Budget in the Future 50 45 40 35 Net Interest 30 25 Tax Revenue 20 Historical Average Tax Burden, 18.3% 15 Social Security Other Spending 2009 10 Medicaid 5 Medicare 0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 Federal Spending and Tax Revenue as a Percentage of Gross Domestic Product Source: Congressional Budget Office and Office of Management and Budget
  3. 3. Could Raise Taxes to Balance the Budget 30 25 20 Net Interest Other Spending Tax Revenue 15 2009 Social Security 10 Medicaid 5 Medicare 0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 Federal Spending and Tax Revenue as a Percentage of Gross Domestic Product Source: Congressional Budget Office and Office of Management and Budget
  4. 4. What would balancing mean for tax rates on our children? Marginal Income Tax Rates 80 70 60 50 40 35 35 30 25 20 10 10 0 2009 2009 2009 2009 Lowest Middle Highest Corporate Bracket Bracket Bracket Taxes Source: Congressional Budget Office
  5. 5. What would balancing mean for tax rates on our children? Marginal Income Tax Rates 80 70 66 66 60 47 50 40 35 35 30 25 19 20 10 10 0 2009 2050 2009 2050 2009 2050 2009 2050 Lowest Middle Highest Corporate Bracket Bracket Bracket Taxes Source: Congressional Budget Office

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