Director, Grover M. Hermann Center for the Federal Budget The sun rises through a bank of clouds behind the Statue of Liberty in New York City on March 7, 2021 as seen from Jersey City, New Jersey. Gary Hershorn / Getty Images
Key Takeaways
While tax revenues are projected to rise above their historical average as a share of the economy, the growth of spending will outpace that growth in revenue.
Over the long term, government spending simply cannot continue growing faster than the economy.
Some recommendations found in the blueprint include reforming benefit programs, preventing out-of-control spending, and maintaining a pro-growth economic policy.
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I am strongly opposed to raising the minimum wage to $15 per hour.
For example, what happens to the person who is making $15 per hour now? He may have taken the initiative to take extra vocational or educational courses to make himself more valuable to his employer, and can be proud of his achievements, only now to be making minimum wage. And much the same can be said for the person making $16, $18, $20 per hour. Fifteen dollars per hour comes to slightly over $30,000 per year for full time work. The starting salary for teachers in some states is less than that.
How would you feel if you had a college degree, some student loans, one of the most important jobs in the country, and when you go into a McDonald’s see that the kid behind the counter flipping burgers is making more money than you?
Your turn: Your Social Security benefits are mostly un-taxed income
Your turn
Social Security has been one of the most successful anti-poverty programs in our nation’s history. Most seniors today enjoy a good quality of life – and the lowest poverty rate of any age group – thanks to this common-good program.
While we think of Social Security as “our” money, the fact is, most seniors receive much more in Social Security benefits than they actually paid in while working. The majority of the money in your Social Security check comes from other sources.
Analysts have determined that only 15% of the Social Security benefits you receive come from the income you earned while working. That’s money you already paid income taxes on. Every dollar you paid into Social Security was matched by a dollar your employer paid in on your behalf. That’s income you haven’t paid taxes on because it didn’t come to you through your paycheck.