The non-partisan Congressional Budget Office projected that by 2025 entitlement spending for Social Security and Medicare will eat up every single tax dollar leaving nothing for anything else. The report said that even those not born yet will be working to pay for older people’s “entitlements” due to the ever-increasing national debt.
The CBO also projected that the tax rates by 2050 for an average family will be slightly higher than 75%. This means that for every dollar earned by a taxpayer, he/she will only be able to keep a quarter out of every dollar earned.
This is why spending is the problem and not tax revenues. Who will the Democrats blame when the money dries up?