Obama's spending madness in black and white ... and a flood of red
By: Mark Tapscott
Editorial Page Editor
08/23/10 10:26 AM EDT
Are President Obama, Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi spending the country into bankruptcy? Well, Brian Reidl at the Heritage Foundation took a close look at the new Congressional Budget Office (CBO) budget baseline projection and came up with these startling facts:
* Even as war spending phases out and the economy recovers, the projected budget deficit never drops below $1 trillion, and reaches nearly $2 trillion by 2020.
* The national debt held by the public is set to surpass 100 percent of the Gross Domestic Product (GDP) by 2020.
* By 2020, half of all income tax revenues will go toward paying interest on a $23 trillion national debt.
* Federal spending per household, which has risen from $25,000 to nearly $30,000 over the past three years, would top $38,000 by 2020. The national debt per household, which was $52,000 before the recession, would approach $150,000 by 2020 (all adjusted for inflation).
* Even if all tax cuts are extended, revenues will still surpass the 18.0 percent of GDP historical average by 2020. The reason the deficit will surge 6 percent of GDP above its average is because spending will surge to 6 percent of GDP above its average.
And for more happy news this bright Monday morning, check out the rest of Reidl's analysis here. As today's Examiner editorial says, the spending madness has got to stop.
Read more at the Washington Examiner: washingtonexaminer.com |
