EASY Pop Quiz on the U.S. Economy!

Thanks to my friend Cherisse Gardner for this: Four simple questions: Republicans like to claim that the country's financial problems are caused by runaway spending. So let's ask a question. Which of the following presidents has increased federal spending the least: a). Jimmy Carter b). George W. Bush c). Ronald Reagan d). Barack Obama If you answered d. You were correct. Federal Spending has remained almost dead level since Obama took office with one of the lowest spending growth rates in 60 years. The reason our deficit is so high is because revenue is also at an extremely low level. In the meantime Republicans are doing everything they can to cut spending and leave revenue alone. Senate Democrats have offered a solution to sequestration that would eliminate corporate tax loopholes and increase tax revenues. So let's ask a question. Which of the following paid more in absolute dollars (not tax rate) in 2011? a) me b) Halliburton c) Boeing d) AT&T If you answered a. You were correct. In spite of generating billions of dollars in pre-tax profits in 2011, each of the listed companies not only didn't pay any taxes in 2011, they actually got billions of dollars in tax refunds. In 2010 Bank of America had $4.4 Billion in pre-tax profits, but not only didn't pay any taxes, they got $1.9 billion in refunds. In spite of having one of the highest corporate tax rates in the world, US companies pay an average tax rate that is one of the lowest in the world at just 12%. The average American family pays in excess of 15%. I pay in excess of 30%. When Eisenhower was in office corporate taxes accounted for 32% of federal tax revenue. Now it comprises less than 9%. But Republicans would rather cut Social Security and Medicare than close tax loopholes. When the government slashed capital gains tax, the super rich changed their income sources in order to turn personal income into capital gains to reduce their tax rate. This has the effect of reducing federal tax revenues. So let's ask a question. Who paid the highest tax rate last year? a) me b) Mitt Romney c) Warren Buffet d) An average American Family earning $40k/yr If you didn't answer a, you missed the boat. In fact while I paid the highest on that list, d, the average American Family earning $40k/yr also paid more than Mitt Romney and Warren Buffet. Senate Democrats offered to raise taxes on people making over $4 million per year, Senate Republicans blocked it. After all the real data shows that capital gains tax rates have no effect on economic growth, but facts are for wussies. Conservatives like to claim that Obama is protecting the entitlements he gives to poor people who get money for nothing and vote for him. They claim he bought his election through gifts. Conservatives want to cut funding for social programs, in fact they want the government to stop handing out money! So let's ask a question. Which of the following states received more in federal money than they paid in federal revenue. a) New York b) Tennessee c) Alabama d) New Jersey e) Kansas f) California g) Alaska h) Wyoming If you answered b, c, e, g and h. You would be correct. So the states that elected Obama paid more in federal revenue than a whole lot of those smaller government Romney supporters. Those damn socialists. I say if the Republicans want to cut spending, the place to start is their own home states, after all, they are the reason that spending is more than revenue!