Federal Spending By the Numbers, a report courtesy of the Heritage Foundation, makes grim reading.
To single out just a few tidbits:
- The last year in which USG revenues equaled spending was 2002
- The Fed will spend $30,543 per U.S. household in 2010
- Average annual deficits of $1 trillion are projected for the next decade
If there is a silver lining in this fiscal cloud, it is that fully 90 percent of the rising long-term budget deficits are driven by rising spending rather than falling revenue. So we could, repeat could, reverse the trend pretty quickly any time Congress decides to spend less.