With Congress set this week to vote on funding the federal government for the rest of this fiscal year, the news is that there will be about $50 billion worth of cuts made to federal programs.
Except, of course…that we’re not broke.
Even as far back as December 2010, the United States federal government was set to rake in $860 billion (17 times what is being cut from the Fiscal Year 2011 spending plan), but Congress and the White House gave it away.
The CNN Money article that I link to above does a great job (as does this article also) detailing the…
…$68 billion given away due to the revision of the estate tax;
…$81.5 billion given away to folks earning more than $200,000; and
…$69 billion given away in business tax breaks.
However, before we all grab the torches and pitchforks please remember that when you point the finger of blame at someone else, there are three other fingers pointing back at you.
I bring that adage up because included in the December 2010 giveaway was $111.7 billion (twice the amount being cut in the current fiscal year) in the Social Security tax holiday.
Bottom line – We are not broke. We simply decided to give the money away. Please enjoy you tax holiday as the federal programs you don’t even know you count on wither away.
Politicians, and the people who elect them, do the country no great service when they make the false claim we are all broke and at the same time give money away.