By Tom Quiner
1. President Obama’s solution to our deficits and national debt is to increase taxes on productive Americans who earn over $250,000. If he gets his way, how long would these new taxes fund our federal government?
a. 200 years
b. 200 weeks
c. 200 hours
d. 200 seconds
2. How much money will Social Security spend next year, according to SS actuaries?
a. $165 billion less than it takes in (surplus),
b. $16.5 billion less than it takes in (surplus),
c. $16.5 billion more than it takes in (deficit).
3. How much will Medicare spend next year?
a. $1 for every $3 that it collects (surplus),
b. Medicare will break even next year,
c. $3 for every $1 that it collects (deficit).
4. How do government expenditures for 2013’s budget compare to 2008’s?
a. $10 billion more,
b. $100 billion more,
c. $1 trillion more.
5. America is getting older, creating more stress on Social Security and Medicare entitlement programs. In 2010, we had 40 million Americans 65 and older. How many are we projected to have by 2030?
a. 52 million
b. 62 million
c. 72 million
6. Since World War II, the highest level of spending by the federal government was 20.6% of GDP in 2000. What is the percentage for the Obama administration?
7. More Americans receive disability benefits than ever. In 1960, the percentage was .65% of economically active 18 to 64 year olds. What was the percentage in 2010?
8. The U.S. government spent $24 billion (in current dollars) on entitlement payments in 1960. By 2010, what percentage have these transfer payments increased, adjusted for inflation and population growth?
9. The Greek insolvency crisis made international news and created a financial crisis for the entire European Union. When taking into account Greece’s unfunded liabilities for Social Security and Medicare verses their European equivalents, Greece owes 875% of their GDP. France is the 2nd most insolvent country in Europe at 549%. What is the United State’s debt-to-revenue ratio?
10. Greece’s debt load works out to $39,000 per person. The United State’s debt load is $44,215 per person. If we follow President Obama’s budget recommendations, what will the U.S. per-citizen debt load be by 2022?
a. $55,000 per person
b. $65,000 per person
c. $75,000 per person
ANSWERS: The correct answer for each question is c.