One of these two things has got to give: Either a) the projected future explosion in federal spending is reduced or b) a good chunk of the 47% of Americans who currently pay no income taxes will have to start (or perhaps pay a value-added tax).
Less spending or just about everybody — including the broad middle class — will pay more. Lots more . . . .And this chart represents an optimistic assessment.
Why won’t President Obama — unlike Paul Ryan — release a long-term budget plan? Simple. If he did, it would show the only way to realistically pay for the Democratic spending agenda is to eventually raise taxes on pretty much everybody.