Tim Geithner Warns U.S. Debt Default Means 'Lights Out' And A New Depression

Lie number 2) The U.S. suffers from high taxes.

Example: The Wall Street Journal's Stephen Moore:

What all this means is that in the late 1980s, the U.S. was nearly the lowest taxed nation in the world, and a quarter century later we're nearly the highest.

Totally untrue. As measured in terms of total tax revenue as a share of overall GDP the average tax burden for countries that are members of the Organizati­on for Economic Cooperatio­n and Developmen­t in 2008 was 44.8 percent. The U.S. -- 26.1 percent. The U.S. pays less taxes, as a share of GDP, than Denmark, Sweden, Italy, Austria, France, Netherland­s, Germany, United Kingdom, Canada, Spain, Switzerlan­d and Japan.

Furthermor­e, as Bruce Bartlett explains in detail in The New York Times the current U.S. federal tax burden, measured, again, as a share of GDP, is only 14.8 percent -- a 60-year low.
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