Fox News has some disturbing numbers on the rate of deficit spending:
– The January 2009 deficit – $83.8 billion (compared to January 2008 surplus of $17.8 billion)
– The 4-month FY2009 deficit – somewhere over $454.8 billion (which was a full fiscal-year record, set in FY2008)
– The projected pre-Generational Theft Law FY2009 deficit (via the Congressional Budget Office) – $1.2 trillion
– Private economists’ estimate of the pre-Generational Theft Law FY2009 deficit – $1.6 trillion
Once last year’s deficit and the FY2009 portion of the $787 billion Generational Theft Law (for which $0 was budgeted) are added in, between November 1, 2007 and October 31, 2009, the federal government will have spent $2,500,000,000,000 more than it took in over that period. That is almost a quarter of the current national debt (the Fox News story goes further and says it is almost a quarter of the entire amount of debt ever taken on by the Feds).
For those of you who don’t remember Paul Ryan’s warnings before Bailoutpalooza hit (to the tune of roughly $1.6 trillion), it would take a doubling of the amount of taxes taken in to fund the government inside of 40 years to 40% of the GDP (for those of you in Rio Linda, that’s $4 out of every $10 produced by the economy). With Bailoutpalooza, it’s far closer to, and I’ll wager, beyond 50%.
