Breaking News: Fiscal Cliff still the Result of Government Spending, not tax receipts
Just thought I would throw it out there again – we have a spending problem. All you need to do is read the bold items to understand the problem. It’s named Obama. We are currently spending $1T a year on long-term unemployment, food stamps and disability. Think about that, $1T a year to pay people NOT TO WORK. Spend, Spend, Spend. How’s that working you for you? 2% GDP growth, 8% unemployment, $16T in debt and…
It should be big news, but in a world turned upside down it is not. On Friday, the Washington Times reported that “the federal government borrowed 46 cents of every dollar it has spent so far in fiscal year 2013, which began Oct. 1.”
According to data from the Congressional Budget Office, during the first two months of the fiscal year the federal government spent $638 billion. That’s a whopping 14% increase over the first two months of last fiscal year, which itself was one of budgetary bloat. The U.S. government is now spending an average of $10.45 billion per day or a staggering and stomach-turning $435.8 million per hour.
Focusing on the borrowed portion alone, at that current burn rate the national debt is growing by $4.8 billion every day. Put another way, the federal government is spending $200 million per hour “that it doesn’t have – 24 hours a day, seven days a week, including Thanksgiving, Christmas and Ramadan.”
As a point of reference, federal outlays in the most recent two months alone exceeded the combined annual profits of the top 100 largest companies in the Fortune 500.