Tuesday, August 25, 2009

Unsustainable

The Office of Management and Budget has released its annual mid-session review that updates the budget projections from this past May.[1] They show that this year, Washington will spend $30,958 per household, tax $17,576 per household, and borrow $13,392 per household. The federal government will increase spending 22 percent this year to a peacetime-record 26 percent of the gross domestic product (GDP). This spending is not just temporary: President Obama would permanently keep annual spending between $5,000 and $8,000 per household higher than it had been under President George W. Bush.[2]
From a report, here, issued by The Heritage Foundation and titled, "New Budget Estimates Show Unsustainable Spending and Debt." These high deficit numbers are a new low for America's economy.

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