Chris
10-08-2012, 08:40 PM
The new meme is trickle down government, but the government bubble is about to burst.
A fiscal nightmare of government’s creation (http://triblive.com/opinion/2722481-74/federal-percent-fiscal-government-2011-cbo-debt-revenues-tax-trillion#axzz28jJ4iiy5)
...In fiscal year 2011 — Oct. 1, 2010, to Sept. 30, 2011 — the Congressional Budget Office (CBO) reported that the federal government spent $3.6 trillion, or 24 percent of the gross domestic product *— 24 percent of the monetary value of all the goods and services produced in the United States in that year, the highest federal-spending-to-GDP ratio since World War II.
...The CBO reports that total federal tax revenues in fiscal year 2011 were $2.2 trillion, against $3.6 trillion in spending, producing a shortfall of nearly $1.4 trillion in red ink — a $1.4 trillion deficit added to the federal debt and paid for by borrowing and delivering the bill to future taxpayers.
In just these three categories — Social Security, the aforementioned health insurance programs and interest payments on the debt — federal payouts consumed 79 percent of the total tax revenues collected by the federal government in fiscal 2011.
Add the $159 billion that was spent in fiscal 2011 on the lost causes in Afghanistan and Iraq and the 79 percent increases to 86 percent.
That doesn’t leave much money for everything else, just 14 cents out of each dollar collected in federal taxes to cover the cost of bridge repairs, tunnels to casinos, small business loans, highways, free cell phones, aid to Syria, mail trucks, tuition assistance, medical research, aid to Pakistan, food stamps, American military bases in 109 countries, citizen surveillance, veterans benefits, aid to Egypt, subsidized Amtrak sandwiches, urban renewal, job training, farm aid, federal weather balloons, environmental grants, airport body scanners, day care, solar handouts, rent subsidies, Head Start, federal payroll, congressional junkets, subsidized lunches and development of a missile-defense system.
But it gets worse...
http://i.snag.gy/K72Vv.jpg
A fiscal nightmare of government’s creation (http://triblive.com/opinion/2722481-74/federal-percent-fiscal-government-2011-cbo-debt-revenues-tax-trillion#axzz28jJ4iiy5)
...In fiscal year 2011 — Oct. 1, 2010, to Sept. 30, 2011 — the Congressional Budget Office (CBO) reported that the federal government spent $3.6 trillion, or 24 percent of the gross domestic product *— 24 percent of the monetary value of all the goods and services produced in the United States in that year, the highest federal-spending-to-GDP ratio since World War II.
...The CBO reports that total federal tax revenues in fiscal year 2011 were $2.2 trillion, against $3.6 trillion in spending, producing a shortfall of nearly $1.4 trillion in red ink — a $1.4 trillion deficit added to the federal debt and paid for by borrowing and delivering the bill to future taxpayers.
In just these three categories — Social Security, the aforementioned health insurance programs and interest payments on the debt — federal payouts consumed 79 percent of the total tax revenues collected by the federal government in fiscal 2011.
Add the $159 billion that was spent in fiscal 2011 on the lost causes in Afghanistan and Iraq and the 79 percent increases to 86 percent.
That doesn’t leave much money for everything else, just 14 cents out of each dollar collected in federal taxes to cover the cost of bridge repairs, tunnels to casinos, small business loans, highways, free cell phones, aid to Syria, mail trucks, tuition assistance, medical research, aid to Pakistan, food stamps, American military bases in 109 countries, citizen surveillance, veterans benefits, aid to Egypt, subsidized Amtrak sandwiches, urban renewal, job training, farm aid, federal weather balloons, environmental grants, airport body scanners, day care, solar handouts, rent subsidies, Head Start, federal payroll, congressional junkets, subsidized lunches and development of a missile-defense system.
But it gets worse...
http://i.snag.gy/K72Vv.jpg