National Defense Spending Would Plummet Under Obama's Budget

Defense spending is on the decline under President Obama and is on track to fall to its lowest level as share of gross domestic product in 50 years. Maintaining U.S. global security commitments at such low levels is impossible.

DEFENSE SPENDING AS A PERCENTAGE OF GDP

Entitlement Program Spending Is Massive

Annual spending on Social Security, Medicare, Medicaid, and other health programs is massive compared to other federal spending priorities. There is too much waste and inappropriate spending in the discretionary budget as well, but Congress will not be able to rein in spending and debt without reforming the entitlement programs.

ESTIMATED ANNUAL SPENDING IN 2014

Obamacare Comes With a Barrage of Tax Hikes

Obamacare imposes numerous tax hikes, which total nearly $800 billion over 10 years. Obamacare's higher tax rates on income and investment will slow economic growth, leaving hard-working American families and businesses worse off.

OBAMACARE TAXES IN BILLIONS OF NOMINAL DOLLARS

Publicly Held Debt Set to Skyrocket

Runaway spending on Medicare, Medicaid, and Social Security will drive federal debt to unsustainable levels over the next few decades. Total national debt comprises publicly held debt (the most relevant to credit markets) and debt that one part of the government owes to another, such as the Social Security Trust Fund.

PUBLIC DEBT AS A PERCENTAGE OF GDP

What if a Typical Family Spent and Borrowed Like the Federal Government?

Families understand that it is unwise to repeatedly spend much more than they take in. But Washington continues its shopping spree on the taxpayer credit card with seemingly no regard to the stack of bills the nation has already piled up.

FIGURES BASED ON THE 2014 BUDGET

Each American's Share of the Public Debt Is Skyrocketing

As Washington continues to spend much more than the nation can afford, every American will be on the hook for increasing levels of debt. Washington must cut spending to fix the debt.

Publicly Held Debt Set to Skyrocket

Runaway spending on Medicare, Medicaid, and Social Security will drive federal debt to unsustainable levels over the next few decades. Total national debt comprises publicly held debt (the most relevant to credit markets) and debt that one part of the government owes to another, such as the Social Security Trust Fund.

PUBLIC DEBT AS A PERCENTAGE OF GDP

Men Who Work Full-Time Earn Less Than 40 Years Ago

April 28, 2014 - 12:48 PM

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By Terence P. Jeffrey

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(AP Photo/Charles Dharapak)

(CNSNews.com) - The real median income of American men who work full-time, year-round peaked forty years ago in 1973, according to data published by the U.S. Census Bureau.

In 1973, median earnings for men who worked full-time, year-round in were $51,670 in inflation-adjusted 2012 dollars. The median earnings of men who work full-time year-round have never been that high again.

In 2012, the latest year for which the Census Bureau has published an estimate, the real median earnings of men who worked full-time, year-round was $49,398. That was $2,272—or about 4.4 percent—below the peak median earnings of $51,670 in 1973.

In 1960, the earliest year for which the Census Bureau has published this data, the median earnings for men who worked full-time, year-round were $36,420 in 2012 dollars. Between 1960 and 1973 that increased $15,250—or about 41.9 percent.

By comparison, the real median earnings of American women who work full-time year-round peaked in 2007, when women who worked full-time earned $38,872 in constant 2012 dollars. From 1960 through 2007, the real income of American women who work full-time increased $16,774 or about 76 percent. From 2007 to 2012, the real earnings of women who work full-time declined $1,081, or about 2.8 percent.

By “earnings,” the Census Bureau means money someone earns as an employee, which “includes wages, salary, armed forces pay, commissions, tips, piece-rate payments, and cash bonuses earned, before deductions are made for items such as taxes, bonds, pensions, and union dues.” It also includes “net income” from self-employment.

The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.