We all know ad nauseam that Washington's spending is completely foolish and totally out of control. But will we show ourselves to be equally misguided by allowing those same bureaucratic bandits to stay in office?
Since World War II, federal spending has remained roughly between 18 and 22 percent of gross domestic product. Under President George W. Bush, spending increased from 18.4 to 20.9 percent of GDP. Since President Barack Obama took office, revenues have fallen by $381 billion and spending has increased by $508 billion, increasing the deficit from $459 billion to $1.35 trillion. Non-defense discretionary spending alone has jumped 28 percent.
According to the Congressional Budget Office analysis released Sept. 7, by the end of fiscal year 2010 (Sept. 30), there was another deficit of at least $1.3 trillion -- what the CBO labeled "the second-largest shortfall in the past 65 years," second to last year's deficit of 9.9 percent of GDP. Even if all the Bush tax cuts were repealed, the CBO concludes that the deficit still would be nearly $1.1 trillion in 2011.
The cumulative deficit from 2010 to 2019 under the president's proposals would total $9.3 trillion. Washington projects the debt to top $24.5 trillion by the end of the decade, even exceeding the GDP projection for 2019 ($22.8 trillion).
Back in August, President Obama asked, "How do we, over the long term, get control of our deficit?" That's a great question, Mr. President.
The CBO made one strong and simple recommendation: Stop spending so much. Is that really economic rocket science? The CBO's recent report reinforced exactly what we already knew: The feds still are spending out of control.
Isn't our nation seeking to recover from a recession? Then why would the federal government spend so recklessly?
Do the following sound like the fiscally responsible people and plan you want in office?
--In a mere 31 months, Congress has added more than $4.4 trillion to the 10-year spending base line. In 2005, total federal spending was only $2.47 trillion. (What about that recession the Obama administration "inherited"?)
--Even as the economy recovers and war spending decreases, the projected budget deficit never drops below $1 trillion and reaches nearly $2 trillion by 2020.
--And how about all the frivolous spending, such as the incredible $192 million splurge-fest in taxpayer money to plaster every possible highway with signs touting how stimulus cash is "Putting America to Work" with infrastructure projects?
--From 2009-20, it is estimated that the Troubled Asset Relief Program will cost $67 billion. The Fannie Mae and Freddie Mac bailouts are estimated to cost $190 billion.
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