Over the past year and a half there has undoubtedly been an increase and expansion of federal government spending. Combining the $700 billion TARP plan in September of 2008 with the Obama $787 (now $862) billion stimulus plan from a year ago, as well bailouts for the auto companies, have understandably freaked out a portion of the American electorate who are feeling tighter finances themselves (and in some cases a lack of credit), adding to their anxieties about excessive government spending.
So that absolutely makes sense when looking at the deficit and debt of this country, which are running at historically elevated levels.
However, as we reported in our story on the Tea Party movement late last month, what doesn't make much sense is the fear and grievances amongst the masses that they're being taxed to death. If anything, it's the exact opposite.
Now, a new analysis of federal data reported on by USA Today confirms that.
The paper says that the Bureau of Economic Analysis reports that federal, state and local taxes – including income, property, sales and other taxes- consumed 9.2$ of all personal income in 2009, the lowest rate since the 1950's.
This article appears in May 5-11, 2010.