Friday, June 4, 2010

Federal Spending, and Spending, and Spending ...

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.

No comments: