But by 2007 tax collections as a percentage of GDP had returned to their long term average. By year 2000 tax collections were on an unsustainable path. The current deficits are largely recessionary related and will rebound to their long term average by 2014. The problem is that Obama has permanently increased the size of government so the deficit goes from about 1.7% of GDP in 2007 to over 4% of GDP in 2014. That 2.3% increase is a measure of increased debt service burden and a permanent increase in the size of government. And if all the new entitlements blow up then the deficit will be even larger.

While what you say is true about the share of the tax burden the total income tax burden as a percentage of GDP shifted downward. Most of the lost revenue is accounted for by those making less than 250k per year and concentrated in the 100k to 250k group. The group that Obama says will not see a tax increase. If the Bush era tax cuts expire for those making over 250k the Treasury, per year, on average, for the next ten years, will see an additional 70 billion. If the wealthy are getting such a break and are leading the country to ruin you'd think that letting the Bush era tax cuts expire would pour manna from heaven upon the Democrats and magically balance the budget. But quite the contrary they get to run the bloated, belching...