You know the Tea Party claim that they are “Taxed Enough Already”, and that Obama is taxing them to death? Not only is it not true (we’ve known that for a long time), but it’s actually in the area of “Epic Fail”:
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 1950, the Bureau of Economic Analysis reports. That rate is far below the historic average of 12% for the last half-century. The overall tax burden hit bottom in December at 8.8.% of income before rising slightly in the first three months of 2010.
Now, I know the next complaint; federal debt is growing. Yes, it is. It’s also what is pulling us out of the Great Recession… and it’s why you don’t deficit spend during times of plenty (which is what the last three Republican administrations did). Obama’s deficit spending is relatively small compared to what Bush did, and if Bush hadn’t spent like a drunken sailor nobody would be freaking out about a little stimulus spending. Well, some people would, but that’s because they’re freaked out that the President is black.