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What is holding our economy back? How can we get back on track?. The State of the U.S. Economy. Jobs Crisis Wisconsin unemployment rate: 7.8% National unemployment rate: 9.1% U6 unemployment rate: 16.5% Over 6 million Americans have been out of work for over 6 months

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the state of the u s economy
The State of the U.S. Economy
  • Jobs Crisis
    • Wisconsin unemployment rate: 7.8%
    • National unemployment rate: 9.1%
    • U6 unemployment rate: 16.5%
  • Over 6 million Americans have been out of work for over 6 months
  • Stagnant economic growth & rising poverty
    • GDP growth sluggish: 1.3% (Q2 2011, annual rate)
    • Poverty rate up to 15.1% in 2010
washington s spending spree
Washington’s Spending Spree
  • February 2009: $862 billion ‘stimulus’
  • Since January 2009:
    • 23% increase in government bureaucracy budgets
    • 84% increase when you add stimulus
  • President’s budget calls for $46 trillion of government spending over the next decade
disappointing results of stimulus spending
Disappointing Results of Stimulus Spending

Actual

Prediction Without Stimulus

Percent

Prediction With Stimulus

2007

2008

2009

2010

2011

2012

2013

2014

tax uncertainty
Tax Uncertainty
  • In 2013, across-the-board hikes on the horizon
  • 44.8% top federal effective tax rate for small businesses
    • With proposed surtax: over 50%
    • With state & local taxes: nearly 60%
wisconsin is a small business state how wisconsin employers pay their taxes
Wisconsin is a Small Business StateHow Wisconsin Employers Pay Their Taxes

Source: Ernst & Young LLP

regulatory uncertainty
Regulatory Uncertainty
  • Total cost of federal regulations: $1.75 trillion
  • 3,573 new regulations in 2010
    • 4,257 new regulations in the works
    • 219 planned regulations estimated to adversely impact the economy by over $100 million
uncertainty from health care law
Uncertainty from Health Care Law

159new boards, bureaucracies & programs

1,472waivers from law’s requirements

$2.4 trillion of new spending

the path to prosperity house passed budget pro growth reforms
The Path to ProsperityHouse-Passed Budget & Pro-Growth Reforms
  • Spending Restraints and Reforms
  • Pro-Growth Tax Reform: Fair, Simple, Competitive
  • Predictable, Reasonable Regulatory Environment
  • Patient-Centered Health Care Reform
  • An American Energy Policy
  • Strengthened Social Safety Net

budget.house.gov

tax revenues do not correlate well with tax rates
Tax Revenues Do Not Correlate Well with Tax Rates

100%

90%

80%

Top Income Tax Bracket

70%

60%

50%

40%

30%

Total Tax Revenue as Percent of GDP

20%

Income Tax Revenue as Percent of GDP

10%

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

Fiscal Year

Source: Heritage Foundation

tax revenues are highly correlated with gdp
Tax Revenues are Highly Correlated With GDP

Real 2006 GDP

($Billions)

Real 2006 Tax Revenues

($Billions)

$14,000

Real Tax Revenue

$2,500

$2,000

$10,500

Real GDP

$1,500

$7,000

$1,000

$3,500

$500

1950

1960

1970

1980

1990

2000

Source: Heritage Foundation

slide24
We Are In A Spending-Driven Debt CrisisHistoric/Projected Spending & Revenue As A Percentage Of The Economy

Source: Office of Management and Budget Historic Tables, Congressional Budget Office; projections based on the CBO’s Alternative Fiscal Scenario.

what drives our debt government spending as share of economy
What Drives Our Debt(Government Spending as Share of Economy)

Medicare

Medicaid & Other Health

Social Security