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" "The share of income most American families pay in federal taxes has been falling for more than thirty years. Today, Americans pay less of their income in taxes than citizens of nearly every other developed country.
David Meyer Wessel (born February 21, 1954) is an American journalist and writer. He has shared two Pulitzer Prizes for journalism. He is director of the Hutchins Center on Fiscal & Monetary Policy at the Brookings Institution and a contributing correspondent to The Wall Street Journal, where he worked for 30 years.
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No one really knows how much the U.S. government can borrow before global investors get uneasy and begin to demand higher interest rates. The national debt exceeded 100 percent of GDP during World War II and then came down as the economy sprinted. But history suggests debt of that level is in the danger zone. Think Argentina, circa 2001. Think Greece, circa 2012.
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Nearly all the growth in the federal budget over the next ten years [2013-2022] is going to come from spending on healthcare and interest payments unless something changes. “You can’t fix this without doing health care,” says Paul Ryan. “I mean, health care is the driver of our debt.” And, as he and others routinely observe, even though the United States spends far more per person on health care than any other country, it isn’t close to having the world’s healthiest population.