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Thursday, December 11, 2014

If The Economy Is Improving, Why Don't I Feel Richer?

Probably one of the biggest factor behind the massive Democratic losses during the mid-terms is the simple fact that people still feel stuck in the recession--wages and, more importantly, disposable income are stagnant. Why? Well, here are probably a couple of reasons: 

The U.S. Treasury continued to rake in tax dollars at a record rate in November as the federal government closed out the first two months of fiscal 2015 with $404,155,000,000 in total receipts, according to the Monthly Treasury Statement released today. 
In constant 2014 dollars, this is the first time federal revenues have topped $400 billion in the first two months of the fiscal year.
Even if most of the income taxes come from the wealthy (or at least, the better off), that is still money that could have been used to grow a business that instead went into the federal coffers. And, notwithstanding all of the arguments that the bottom half of the income brackets don't pay income taxes, they still pay all sorts of other federal and state taxes: their half of the employment taxes (if they are employed), gasoline taxes and other excise taxes, etc.

Second, thanks to ObamaCare, you may not be getting a raise--the money for increased premiums need to come from somewhere.


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