| | If you check the US GDP for 2012, you get a number approximating $15.88 T.
If you take that number and subtract government spending from it, then you get an estimate of total wealth production here. One estimate for gov't spending in 2012 is $ 3.63 T -- leaving just $12.25 T in generated wealth this year. That means that our federal gov't is spending 30 cents of every dollar made. If you add state, that's another 10 cents or so. If you add local, that's another 8 cents or so -- a total of 48 cents of every dollar made in the country. To pay for that, you'd have to tax the country at 48% of non-government GDP. Well, guess what?
Denmark is attempting that.
Total tax receipts in Denmark are about 48-55% of GDP. The burning question to ask is: Is it working? So far, it isn't. A peek at this economic survey:
http://www.oecd.org/denmark/economicsurveyofdenmark2012.htm
... shows that they haven't even got themselves back to the economic output of the first quarter of 2006! Please, please, please, let enough people find out about this (in time).
Ed
|
|
