Here are a couple of notes I found on Lew Rockwell's blog about the spending going on in Washington. Think about this... Barack Obama's deficit for this year, is greater than the total national debt for the first 200 years of our country, and he plans to spend and borrow more next year. Imagine that! Makes you think about the direction in which we are headed, doesn't it?
October 18, 2009
ObamaSpendoNomics
Posted by Karen De Coster on October 18, 2009 09:34 AM
Record-setting madness for September.
What is $1.42 trillion? It's more than the total national debt for the first 200 years of the Republic, more than the entire economy of India, almost as much as Canada's, and more than $4,700 for every man, woman and child in the United States.
It's the federal budget deficit for 2009, more than three times the most red ink ever amassed in a single year.
And, some economists warn, unless the government makes hard decisions to cut spending or raise taxes, it could be the seeds of another economic crisis.
...The Congressional Budget Office projects that the nation's debt held by investors both at home and abroad will increase by $9.1 trillion over the next decade, pushing the total to $17.1 trillion decade under Obama's spending plans.
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Re: ObamaSpendoNomics
Posted by Laurence Vance on October 18, 2009 02:46 PM
But Karen, the $1.42 trillion deficit for 2009 was less than the $1.75 trillion that Obama had projected in February so actually, in the wacky world of Washington DC, Obama cut the deficit by $0.33 trillion.
Now, it is true that fiscal year 2009 included some of the Bush presidency. But that was only from October 1, 2008, to January 20, 2009. And Bush was a lame duck after the election on November 4.
So, what does Obama have planned for his first full fiscal year (2010)? According to the Mid-Session Review of the Budget of the U.S. Government, published by the Office of Management and Budget, federal spending for fiscal year 2010 (which began on Oct. 1, 2009) is now expected to be $3.766 trillion. This is up $175 billion from the $3.591 trillion budget that Obama first proposed. But because the federal government only expects to have receipts of $2.264 trillion for fiscal year 2010, the projected deficit is over $1.5 trillion.