Tuesday, February 14, 2012

Federal Budget Explosion--Part 2

The New York Times reports on President Obama's proposed $3.7 trillion budget for 2013 with a viewer-friendly series of interactive graphics.

The president's budget projects a $901 billion deficit in 2013. The deficit represents spending in excess of revenues during the year. The deficit does not represent the national debt which, according to the U.S. National Debt Clock in real time, is $15,391,190,000 give or take. Call it $15.4 TRILLION dollars or $49,041 per citizen, $135,797 per taxpayer. Add in this year's deficit and the proposed deficit for 2013 plus interest and it is not a stretch to conjure up the kind of third world disaster currently stewing in Greece. All of this spending is before we begin gearing up for ObamaCare's $1 trillion spend-a-thon.

Especially noteworthy, Obama's budget calls for $2.5 trillion in "Mandatory Spending." This represents 70% of overall spending and includes "entitlements like Medicare, Medicaid and Social Security" and interest on the "public debt." The remaining $1.1 Trillion includes "Discretionary Spending." This is where defense spending is accounted for among other governmental agencies.

The big loser in the president's budget? Defense. The big winner? Entitlements which now dwarf all other spending in the federal budget.

The other big loser? The American taxpayer who is now on the hook for $135,797.00 of the national debt. And based on the president's proposed budget it looks the governmental spending machine is just getting warmed up.


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