House Speaker John Boehner claimed the federal government will take in more revenue this year than any other year in history. That’s true in nominal dollars, but not as a percentage of gross domestic product — a measure preferred by most economists that accounts for growth in population, inflation and earnings.
In fact, as a percentage of GDP, revenues this year are actually lower than the historical average since World War II.
In an interview on CBS Evening News on Feb.
Issues: federal budget
Fudging on the Fiscal Cliff Deal
In a Web video, President Barack Obama leaves out some key facts about the fiscal cliff deal, possibly leaving the wrong impression about its impact on taxpayers and the deficit:
Obama boasts that “middle-class families” will not have to “pay upwards of $2,000 more in taxes this year.” That’s accurate for income taxes, but Obama doesn’t mention that the deal allowed a payroll tax cut to expire. About 77 percent of taxpayers will pay more in taxes this year —
Fall Preview: Obama vs. Romney (and Ryan)
Fiscal FactCheck
Washington’s spending has recently been higher as a percentage of the nation’s economic output than at any time since World War II. But by the same measure, Washington’s revenues are the lowest in more than 60 years. …
Misstatement of the Union
The President burnishes the State of the Union through selective facts and strategic omissions.